Going for gold: An opportunity for 'intelligent speculation'
How do fund managers value gold stocks?
Peter Rutter of Royal London Asset Management
The valuation of gold stocks is quite different to most other stocks, because gold is unlike any other commodity.
A mine contains some gold embedded in ore that needs to be dug up and processed with as low a capital and operating cost as possible, before being sold into the gold market at the prevailing (or a previously...
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