Gold Mining Stocks, A Clear and Compelling Investment Case

Bonus Materials

Gold Mining Stocks, A Clear and Compelling Investment Case

BY JOHN HATHAWAY | THURSDAY, JANUARY 11, 2024

We offer herein an investment rationale for gold mining equities that rests primarily on investment fundamentals particular to the mining sector. Speculation on the future course of the gold price takes a back seat. A tailwind from higher metal prices would, of course, be helpful but in our view would only add heft to an already powerful investment case.

Sections: (2,000 words)

1. Extreme Undervaluation

2. Divergence from Gold Price

3. 2024 Profitability Set for Sharp Improvement

4. Chronic Underinvestment Sets Up Potential Demand/Supply Squeeze

5. Understatement of Book Value

6. Classic Contrarian Setup

7. Fed Pivots Precede Outsized Performance

8. New Geopolitical Landscape Favors Gold

9. Western Investment Absent from Gold Ascent to Record High

10. M&A Activity Set to Accelerate

11. Catalyst = Higher Gold Prices

12. ***Bonus Mining materials**

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