Given the rising curiosity on this sector, you will need to take a look at the elemental rules, that are superior for minors. Right here's why …
by Adam Hamilton of Zeal LLC
The primary gold mines creak increasingly, attracting rising curiosity on this small counter-current sector. Most of them have completed publishing their fourth quarter outcomes, revealing how basically they’re doing. Collectively, the world's largest gold corporations proceed to face critical issues, usually because of declining manufacturing. This makes inventory choice extra vital than ever for funding success.
4 instances a 12 months, publicly traded corporations publish beneficial treasures of data within the type of quarterly experiences. Required by the US Securities and Change Fee, these 10-Q and 10-Okay comprise the perfect fundamentals obtainable for merchants. They dispel all of the distortions of sentiment inherent within the present stage of inventory costs, revealing the cruel realities of societies.
Whereas regular quarters require 10-day responses with a 40-day submitting deadline after the tip of the quarters, the 10Okay annual experiences are obligatory after the end-of-fiscal quarters. Most gold miners logically maintain observe of their calendar years, in order that they difficulty 10Okay after the fourth quarter. Since these annual experiences are bigger and require audit by unbiased CPAs, their submitting deadlines are prolonged to 60 days after the tip of the quarter.
The ultimate record of main gold shares to be analyzed comes from the world's hottest funding car, the ETF GDX VanEck Vectors Gold Miners. Launched in Might 2006, it has an insurmountable lead on the primary come. GDX's internet belongings, which stood at $ 10.6 billion this week, had been 47.1 instances extra spectacular than the following largest ETF 1x gold mine! GDX is certainly the main index of this sector.
It presently includes 45 element shares, that are weighted proportionally to their market capitalization. This record is dominated by the world's largest gold mining corporations and their collective significance to this business can’t be overstated. Every quarter, I evaluate the newest working and monetary outcomes of the 34 largest GDX corporations. It's merely an arbitrary quantity that matches completely within the tables beneath, however an imposing pattern.
As of this week, these elite miners accounted for 94.1% of the full weight of GDX. The final quarter, they mixed to extract 300.eight tons of gold. It was 35.2% of the world complete in This autumn'18, based on the World Gold Council, which publishes complete quarterly information on world gold provide and demand. So, for anybody who deploys capital in gold or within the actions of his miners, it’s crucial to observe GDX miners.
The most important main gold mining corporations that dominate the ranks of GDX are scattered all through the world. 21 of the 34 main markets are traded primarily in US fairness markets, 6 in Australia, 5 in Canada and 1 in China and the UK. GDX's geopolitical range is nice for traders, however makes it harder to investigate and evaluate the outcomes of the biggest gold producers. The necessities for monetary reporting actually range from one nation to a different.
In Australia, South Africa and the UK, corporations publish semi-annual moderately than quarterly will increase. Giant gold miners usually publish quarterly updates, however their information is proscribed. In circumstances the place semiannual information is all that’s obtainable, I divide it in two for an approximation in This autumn. Though Canada publishes quarterly experiences, the delays are longer than in america. Some Canadian gold researchers are striving to attain outcomes.
Though it’s troublesome to gather all quarterly information from the varied gold mines of the GDX group, it’s important to investigate them globally to see how they’re doing. So, each quarter, I went via all obtainable operational and monetary experiences and put the info into a big spreadsheet for evaluation. The highlights are in these tables. Empty fields imply that one firm has not reported this information since Wednesday.
The primary two columns of those tables present the image and weighting of every GDX element on this ETF as of this week. Though most of those shares are traded on US inventory exchanges, some symbols are listings of main overseas inventory exchanges. Subsequent are the fourth quarter ounces of every gold mine, primarily by way of pure gold. This excludes steel byproducts usually present in gold ore.
These are normally silver and base metals like copper, that are beneficial. They’re bought to offset a number of the appreciable bills of gold mining, thereby decreasing prices per ounce and thus rising total profitability. In circumstances the place corporations don’t segregate gold and mixture all manufacturing into ounces equal to gold, these GEOs are additionally included. Absolutely the change in manufacturing in comparison with the fourth quarter of 17 is then indicated.
Subsequent are crucial fundamentals for traders, money prices and total upkeep prices per ounce extracted. The latter is immediately linked to profitability, which in the end determines the value of the shares. These key prices are additionally adopted by year-over-year modifications. Lastly, the annual modifications are offered in working money stream generated, GAAP internet earnings, income and money available, with a number of exceptions.
Proportion modifications are neither related nor significant if the info has modified from optimistic to unfavorable or vice versa, or if they’re derived from two unfavorable numbers. So, in these circumstances, I've included uncooked underlying information moderately than unusual or deceptive proportion modifications. Corporations with mild blue symbols have just lately climbed to the highest of GDX's prime 34 prior to now 12 months. The entire of those information collectively is kind of beneficial.
It provides a improbable high-level studying of how the key gold miners are mainly coping as an business. Sadly, they typically skilled difficulties on a number of fronts within the fourth quarter. The extra I learn quarterly experiences and information, the extra it turned clear that many, if not most, of the world's greatest gold miners proceed to face critical challenges. This makes GDX much less enticing to gold fairness traders.
GDX's holdings have develop into far more concentrated over the previous 12 months, with the full weighting of the 34 main shareholders rising from 90.5% in This autumn'17 to 94.1% in This autumn'18. That is partly as a result of intensification of mergers and acquisitions exercise pushed by giant gold mines attempting to interchange an exhausting manufacturing. For years, lots of them have been unable to replenish their gold sources exploited organically, leaving the chance for different corporations to purchase the one choice to maintain tempo with their actions.
Manufacturing has at all times been the cornerstone of the gold mining business. Gold miners don’t have any management over the prevailing gold costs, their product sells whatever the provides of the markets. Thus, output development is the one sensible approach to enhance revenues, leading to elevated earnings from money stream from operations and income. Greater manufacturing generates extra capital to spend money on the enlargement of present mines and the development or buy of latest mines.
Traders in ear tags have lengthy been of paramount significance to the expansion of manufacturing, as a result of it’s inexorably linked to the expansion of the corporate and due to this fact to the potential for inventory worth appreciation. . However in recent times, the primary gold miners have been struggling to extend their manufacturing. The massive economically viable gold deposits are more and more troublesome to search out and costlier to mine, and the fruits at hand have been picked for a very long time.
Increasingly more specialists within the gold business imagine that the gold peak will strategy, after which world mining manufacturing will start to say no. For a few years, the invention of latest deposits and the development of mines haven’t adopted the exhaustion of present mines. The expansion of manufacturing is slowing down. Based on the newest fundamentals of the World Gold Council, world mine manufacturing elevated by solely zero.eight% in 2018, in comparison with 5.three% in 2013!
GDX's foremost gold mines are the biggest on the earth, with entry to billions of dollars of capital to develop their enterprise. But even with these huge sources by business requirements, the 34 largest corporations have nonetheless not been capable of enhance their manufacturing. In This autumn'18, they collectively produced 9.7 million ounces of gold, which represents a colossal drop of seven.5% year-over-year in comparison with the 10.5 million euros within the fourth quarter! It’s terribly dangerous and the origin of the key issues of gold miners.
Whole world gold manufacturing based on the WGC merely declined zero.9% year-over-year within the last quarter. By the way, this was solely the second quarterly year-over-year decline within the final 32 quarters, fueling theories of the Golden Peak. Of all these nations, common development was 2.5% year-on-year. Seeing the highest 34 of GDX mining manufacturing at eight.three instances the worldwide charge in This autumn'18 could be very worrying. Many giant gold miners are stagnating, delaying the potential of GDX.
Simply over half of GDX's prime 34 miners, 18 in complete, skilled a mean year-over-year decline in manufacturing of eight.9%! The worst by way of affect got here from Barrick Gold, the biggest element of GDX. Gold mining from GOLD fell 5.eight% year-over-year within the fourth quarter of 12 months 18, which represents 1 / 10th of the full decline among the many prime 34 corporations within the GDX group.
This transaction was accomplished on January 1, 2019, the outcomes of GOLD for the fourth quarter of 2008 don’t mirror it but. Randgold extracted 374.6k ounces final quarter, a powerful 9.9% year-over-year enhance. This partly explains the sharp drop in manufacturing among the many prime 34 producers of GDX. Randgold's manufacturing was among the many prime 34 GDX makers in This autumn'17, however its inventory naturally now not exists this week once I downloaded the present record of GDX elements.
The addition of Randgold's manufacturing for the fourth quarter of the 12 months decreased the manufacturing of the 34 main producers of GDX to three.9% year-on-year. If we reverse and take away the full from the fourth quarter of 2007, gold extracted from the highest 34 might be down four.four% year-over-year. However that is nonetheless a lot worse than the general zero.9% year-over-year decline in world gold mining manufacturing within the final quarter. As I defined in depth in a mid-February take a look at, the mega-mergers of gold shares won’t remedy this downside of stock depletion.
Previous to the fourth quarter of 1998, Randgold had skilled 4 consecutive quarters of declining manufacturing, recording a mean decline of seven.four% year-on-year. Barrick's quarterly manufacturing declined for six consecutive quarters, recording a mean year-on-year decline of 13.four%! The merging of two mine depletion mines doesn’t magically enhance their collective manufacturing. This solely masks manufacturing declines for a single 12 months, with the primary 4 quarters evaluating the outcomes after the merger with these earlier than the merger.
As soon as these giant cross-comparisons between mergers are made, the countless depletion of the gold mines of each corporations will shortly develop into manifest. The smaller a miner is, the harder it’s to develop and even keep manufacturing ranges. Since exploration budgets have largely collapsed since 2013, the 12 months of the collapse of gold and its collapse, the worldwide pipeline of bigger financial gold deposits to be mined has been virtually dried up.
The 2 foremost elements of GDX have at all times been Barrick Gold and Newmont Gold. Collectively, this week, they represented 19.5% of its complete weight and 28.zero% of the full of the primary 34 gold mines mined within the 34th quarter! If the merger between Barrick and Randgold had been accomplished within the fourth quarter, GOLD's manufacturing would have risen by greater than 1.eight million ounces. Newmont didn’t need Barrick to surpass him, so he introduced in January that he would purchase Goldcorp.
GG produced 630,000 ounces of gold within the fourth quarter, which might be added to Newmont's manufacturing as soon as this settlement is made. If Newmont and Goldcorp had been collectively within the fourth quarter, this gold mining large would have produced almost 2.1 million ounces! These ranges are gorgeous and can actually enhance the dominance of those two mega-miners on this sector and GDX. The professional forma affect of those mergers on GDX is big.
Utilizing the fourth quarter figures, Newmont and Barrick accounted for 38.eight% of all GDX gold mines among the many 34 largest, together with Randgold. Their collective weighting on this main ETF on the gold market would attain 1 / 4. Thus, the longer term efficiency of GDX might be dominated greater than ever by Newmont and Barrick. In the event that they can’t enhance their manufacturing from such stratospheric ranges, they’ll delay the potential of GDX.
Since gold deposits have gotten harder to find and take even longer to be licensed and put into manufacturing at ever larger prices, the biggest gold producers will wrestle to keep up their manufacturing. . Any development in manufacturing will come from small gold miners and their shares will fly off to mirror it. Sadly, the affect on GDX might be decreased as a result of its weights are tyrannized by the giants.
Kirkland Lake Gold was probably the greatest performing gold shares of the previous 12 months. In 2018, its share rose by 69.9%, whereas GDX fell by 9.three%! The rationale traders flocked to KL is the speedy development in gold manufacturing, which jumped 38.eight% year-over-year within the fourth quarter. This has considerably elevated gross sales, money stream from operations and earnings. Extra gold produced spreads the numerous mounted prices of extraction over extra ounces, thus boosting income.
As spectacular as KL's administration, such development in manufacturing was solely doable from a comparatively small base. KL produced 167,000 ounces of gold in This autumn'17, in comparison with about eight instances that of Newmont and Barrick. The largest beneficial properties on gold costs won’t come from GDX, a super-big boss, however from extra modest gold miners. Traders will proceed to understand and reward the expansion of manufacturing.
The gold peak might be bearish for the biggest gold mining corporations driving GDX. Traders' capital inflows will lower in keeping with the contraction of their output. Nevertheless, the remaining provide of gold mines is total very optimistic for junior and mid-level gold miners who’re rising their manufacturing! The ensuing rise in gold costs will catapult their income and thus the inventory costs a lot larger, attracting traders fleeing the troubled majors.
The one approach to reap the benefits of these big beneficial properties is to take a position immediately in the perfect particular person gold seekers. Their fundamentals are far superior to these of their sector. Though the acquisition of GDX is simple, most of this capital is channeled to the primary gold mines with manufacturing slowing down. Their underperformance will dissipate any outperformance among the many mid-level miners of this ETF, which is able to end in a lot decrease total beneficial properties.
Given the sharp decline in gold manufacturing from the highest 34 of GDX in This autumn'18, extraction prices per ounce ought to enhance proportionally. The gold mining prices are largely mounted, quarter by quarter, with the extraction requiring the identical ranges of infrastructure, tools and staff. So, the decrease the manufacturing, the less ounces to unfold the massive mounted prices of mining. These elite gold miners reported larger prices within the final quarter.
There are two foremost methods to measure gold extraction prices, typical money prices per ounce, and better total upkeep prices per ounce. Each are helpful metrics. Disbursed prices are the litmus take a look at of the gold miners' skill to outlive in low-gold environments, revealing the worst gold ranges wanted for mines to operate correctly. World upkeep prices point out the place gold should be marketed to keep up the present mining tempo indefinitely.
Money prices naturally embody all money expenditures required to supply every ounce of gold, together with direct prices of manufacturing, mine-level administration, smelting, refining, transportation , laws, royalties and tax expenses. In Q418, these 34 GDX mine models reporting money prices averaged $ 655 per ounce. This represented a pointy enhance of 9.1% year-on-year, among the many highest quarterly money prices recorded for years.
This once more exhibits that the key gold miners should not threatened by any existential risk so long as gold stays above US $ 650, which is about half the present stage. And the fourth quarter's money prices are artificially excessive because of two anomalies. Buenaventura and Hecla each reported extraordinarily excessive financial prices, starting from $ 1,627 to $ 1,048! Excluding these outliers, the remaining prices among the many prime 34 corporations within the GDX are $ 598 on common, which is kind of in step with the full quantity of $ 600 learn within the fourth quarter of 2017,
Far more vital than the disbursed prices are the a lot larger total upkeep prices. They had been launched by the World Gold Council in June 2013 to offer traders a a lot better understanding of what it actually prices to maintain gold mines on the agenda. AISCs embody all direct money prices, however then add all that’s wanted to keep up and replenish operations at present gold manufacturing ranges.
These further expenditures embody the exploration of latest gold mines supposed to interchange depleted deposits, mine improvement and development prices, and the restoration and rehabilitation of the mine. Additionally they embody the company-level administrative bills wanted to supervise gold mines. World upkeep prices are by far the primary criterion for calculating the price of extracting gold for traders, thus revealing the true profitability of mining gold miners.
The 34 largest gold mining teams within the GDX reported common AISCs of $ 889 within the fourth quarter of 2008, up three.6% year-over-year. That is inversely proportional to the four% year-on-year decline in gold manufacturing when Randgold is accounted for. Though $ 889 is the best since at the least the second quarter of 2016, once I began doing this quarterly analysis, it’s nonetheless roughly in keeping with the averages of the earlier 4 quarters, $ 858, $ 884, $ 856 and $ 877. And just like the money prices, this determine is extraordinarily excessive.
Buenaventura and Hecla additionally reported unusually excessive AISCs of $ 1485 and $ 1582. Excluding these prices, the remaining 34 of GDX's greatest performing corporations averaged sustaining prices all at a a lot decrease $ 837 per ounce within the fourth quarter of 2008. To their credit score, Gold mines ruthlessly handle their prices when their manufacturing drops. It’s optimistic for earnings development as gold continues to rise on this bull market.
Gold mining income actually profit from larger gold costs, and robust earnings development attracts traders who wish to drive up the value of their shares. In This autumn, gold gained a mean of about $ 1228 an oz. With a mean AISC of $ 889 within the prime 34 GDX corporations, which means that the key gold mines made $ 339 per ounce. These will develop significantly this quarter. Common gold costs of round $ 130,000 had been near the tip of Q1'19.
The AISC is anticipated to fall from the excessive ranges of the fourth quarter of this quarter, however assume it stays steady at $ 889. This suggests that main gold miners earn about $ 414 an oz this quarter. In different phrases, a mere 6.1% qoq enhance within the common gold worth might result in a big 22.1% quarter-on-quarter enhance within the income of the key gold miners! That is the explanation why main gold shares are likely to amplify gold charge hikes by about 2x to three instances.
It’s encouraging that gold mining prices stay effectively positioned to generate robust revenue development in an atmosphere of excessive gold costs, regardless of a pointy drop in manufacturing. Traders like to run after earnings development, which is anticipated to be uncommon on the inventory markets normally this 12 months. Good inventories of gold producers are more likely to see giant capital inflows as gold continues to rise, resulting in larger and, to a lesser extent, GDX will increase.
Sadly, the troublesome accounting outcomes of the fourth quarter of 12 months 18 had been a lot worse than these of AISC. The common gold worth for This autumn'18 was three.eight% decrease than the earlier 12 months, which mixed with a four% decrease gold manufacturing, together with Randgold among the many prime 34 GDX corporations, which has critically weakened monetary efficiency. The general quarterly earnings of those main elite miners dropped 10.three % year-on-year to $ 12.eight billion. Money stream from operations amplified this decline.
Whole OCFs amongst these GDX shares plummeted to 30.four% year-over-year to succeed in $ three.7 billion within the fourth quarter. This implies much less capital obtainable to finance the enlargement of mines and the development of latest mines, exacerbating the difficulties of manufacturing. But company treasure fared comparatively higher with a year-over-year decline of 14.6 % on complete money near $ 12.1 billion for all these miners. All of this was comprehensible, however the troublesome accounting income below GAAP had been a complete catastrophe.
Warren Buffett as soon as joked concerning the actions of airways, saying he would have completed an immense service to traders if he might shoot down the Wright brothers' inaugural flight in 1903, killing your entire business earlier than he was born. Based on him, the airways had by no means realized long-term income, in order that they weren’t well worth the funding by traders. The fourth quarter losses of main gold corporations have prompt that they might by no means become profitable both, horrible.
Within the final quarter, the 34 largest GDX gold researchers, the biggest and supposedly the perfect on the earth, collectively misplaced $ 6.zero billion! This determine was in comparison with the comparatively minor complete losses of lower than $ zero.1 billion within the fourth quarter of 2007. At $ 1,228 in gold, main gold miners are anticipated to make robust beneficial properties. But their bookkeeping was quick sufficient to make the drunken sailors blush. So what the hell has occurred on this space?
The issue was associated to colossal cashlessness expenses, with gold miners noting the worth of the mines of their books for numerous causes. These had been primarily decrease anticipated gold costs, which would cut back the financial reserves of those mines. Though it’s an accounting fiction, these perceived losses should at all times be erased from the earnings statements when they’re thought to happen. The record of depreciations disclosed by quarter was lengthy.
GOLD reported about $ 1.1 billion of impairment expenses at T418, AEM 390 million, AUY 151 million, AG 168 million and the record is lengthy. Goldcorp was written off final quarter, reporting an inconceivable $ four.7 billion write-down in a number of mines! Newmont's provide on Goldcorp valued its mines effectively beneath ebook worth, forcing GG to cushion the massive variations between what could possibly be its final solo quarter.
Collectively, Barrick and Goldcorp wrote off $ 5.eight billion of belongings within the fourth quarter of 2006, representing 97% of the 34 losses recorded by GDX within the final three quarters! That is but one more reason why mega-mergers of gold shares are dangerous information for this entire business. They provide the managers of those giants gold mines the chance to do away with their dangerous previous choices concerning capital allocation. Small miners targeting fewer mines appear to endure fewer disabilities.
I’ve been actively finding out and negotiating gold mine shares for many years, and these final radiations appear actually fishy. The most important deficiencies are comprehensible within the years when gold fell sharply, as in 2013 when it fell by 27.9%. This actually modifications the financial assumptions underlying the worth of gold mines in steadiness sheets. However 2018 noticed nothing prefer it, gold having misplaced 1.6%. Main deficiencies didn’t make sense.
Whereas the typical worth of gold fell by three.eight% year-on-year within the fourth quarter, it isn’t even important. And in full 12 months, the typical worth of gold in 2018 was really larger by zero.eight% 12 months on 12 months. Enormous depreciations on a flat gold 12 months don’t look proper. The gold mining corporations' administration has a critical credibility downside vis-à-vis traders in gold shares, and waterfalls like this worsen it. These guys have to start out managing for his or her shareholders.
Les résultats du T4’18 des principaux mineurs d’or sont globalement décevants. Les énormes dépréciations démesurées et la baisse marquée de la manufacturing entraînant des ventes beaucoup plus faibles et une génération de flux de trésorerie liés à l'exploitation ont assurément fait de GDX un investissement douteux, au mieux. Compenser que la négativité constituait en quelque sorte un bon contrôle sur leurs coûts de maintien globaux, qui n’avaient que légèrement progressé et auraient chuté sans quelques lectures anormales.
La resolution à retenir ici est d'éviter GDX. Le principal FNB du marché de l’or dans le monde est de plus en plus accablé par de gigantesques mines d’or qui luttent trop fondamentalement. Leur pondération élevée au sein de ce FNB est certaine de retarder ses performances futures. Il est de loin préférable de déployer des capitaux dans de grands mineurs d’exploitation aurifère dotés de fondamentaux supérieurs. Un grand nombre de ces sociétés sont incluses dans GDX, mais leur pondération est relativement faible.
Le FNB GDXJ, petit frère de GDX, est une autre possibility. Alors qu’il est annoncé comme un «FNB junior de mineurs d’or», il s’agit vraiment d’un FNB de milieu de gamme. Il inclut la plupart des meilleurs composants GDX, avec une pondération plus importante, les plus gros chercheurs d’or étant exclus. A la mi-janvier, j’ai écrit un essai complet expliquant pourquoi GDXJ était supérieur à GDX et mon prochain essai dans les semaines à venir portera sur les résultats du This autumn’18 des mineurs d’or de GDXJ.
En ce qui concerne le premier semestre de 2016, GDXJ a grimpé de 202,5% sur une hausse de 29,9% de l'or à peu près au même niveau! Alors que GDX a quelque peu suivi le rythme à + 151,2%, il est toutefois à la traîne par rapport à GDXJ automotive ses pondérations sont davantage concentrées dans les méga-mines d’or stagnantes. Les grandes fusions récentes vont aggraver cette tendance hostile aux investisseurs. Les investisseurs devraient acheter de meilleurs shares d’or individuels, ou GDXJ, au lieu de GDX.
L’une de mes principales missions chez Zeal consiste à étudier sans relâche le monde des actions aurifères afin de découvrir des actions présentant des fondamentaux supérieurs et un potentiel de hausse. Les livres de négociation de nos populaires lettres d’info hebdomadaires et mensuelles regorgent actuellement de ces meilleurs mineurs d’or et d’argent. Généralement ajoutés au cours des derniers mois, alors que les shares d'or se sont redressés, ils ont déjà progressé à plus de 75% cette semaine!
Si vous voulez multiplier votre capital sur les marchés, vous devez rester informé. Nos newsletters sont un moyen formidable, facile à lire et abordable. Ils s’appuient sur ma vaste expérience, mes connaissances, ma sagesse et mes recherches en cours pour expliquer ce qui se passe sur les marchés, pourquoi et remark les négocier avec des actions spécifiques. Au 4ème trimestre, nous avions recommandé et réalisé 1 076 opérations sur actions avec des bulletins depuis 2001, avec une moyenne de beneficial properties réalisés annualisés de + 16,1%! C’est presque le double de la moyenne à lengthy terme du marché boursier. Abonnez-vous aujourd'hui pour seulement 12 $ par numéro!
En fin de compte, les principaux mineurs d’or sont toujours aux prises avec des difficultés fondamentales. Leur réduction de manufacturing s'accélère, entraînant une augmentation proportionnelle des coûts. Cela a entraîné une baisse des ventes et des flux de trésorerie opérationnels au quatrième trimestre. Et les bénéfices comptables se sont creusés dans un sombre gouffre après les accusations de dépréciation énormes et suspectes des grands mineurs d’or impliqués dans des méga-fusions. Ces mauvais résultats retardent le potentiel de hausse de GDX.
Toutefois, les mineurs d’or de taille moyenne et de niveau inférieur dotés de fondamentaux de base supérieurs s’opposent à cette tendance, qui leur permet de réaliser d’importants beneficial properties boursiers. Ils sont encore capables de développer leur manufacturing sur des bases bien plus réduites, augmentant ainsi leurs revenus et attirant des capitaux d'investissement. Ils continueront d’amplifier les revenus de l’or, en multipliant la richesse pour leurs investisseurs contrariens. Le potentiel de hausse des shares d'or reste énorme en dehors des majeures de plus en plus problématiques.
Adam Hamilton, CPA