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Strategies & Market Trends : Classic TA Workplace

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To: At_The_Ask who wrote (62968)	1/7/2003 8:35:50 PM
From: mishedlo	Read Replies (1) of 209892

Wrong. RGLD made less than 2% royalties when POG was near its lows. Now it is making 6% and 9% is tops, So on this POG rise, RGLD has tripled (or better) its earnings. Now people are looking ahead to 9% royalties. This company has little fixed costs. It does not mine or have those liabilaites or expenses. It buys mineral right and lets someone else do the dirty work. What it makes goes up dramatically with POG. Since it has no fixed costs it can use free cash flow to buy more properties and mineral rights. M

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