For Posterity — Gold : Silver Ratio = 122
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Coeur Mining is the only stock to which we would consider adding at this point in the game. And in spite of their current discounts of 92% and 67% respectively, we will not be adding to NexGen or Deep Yellow unless both experience declines of > 50%.
What About the Income Taxes?
When perusing my posts, you may find All-in Costs numbers that are larger than is stated elsewhere in technical reports and corporate presentations. That’s because I have made an effort to account for royalties and income taxes, as the impact of royalties and income taxes on the overall valuation of a company is enormous, and is very often the factor that determines whether or not a company has a snow ball’s chance in hell of producing Net Income. Current cost methodologies, including the much-improved All-in Costs methodology, which expands upon AISC, are gravely flawed, in so far as the above…