Theme
Precious & Industrial Metals
Gold, silver and copper — the miners and the metal.
3 covered names · ranked by fair value vs price
Equity Research
AngloGold Ashanti (AU)
HOLD. 12-month probability-weighted target $87 (-8% vs spot). P/E Multiple explains 76% of Monte Carlo outcome variance.
Equity Research
Newmont Corporation (NEM)
HOLD. 12-month probability-weighted target $105 (-11% vs spot). P/E Multiple explains 83% of Monte Carlo outcome variance.
Precious & industrial metals · Research note
Twenty years of gold, silver & copper — and the ten-year theses that follow.
Gold (GLD) compounded 10.6%/yr in USD, Dec 2004 – Jun 2026; an estimated 16.2% in rand rests on a reconstructed 2004 exchange rate. Four ten-year theses.