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PROFIT FROM THE NEXT GOLD MANIA BY NICK GIAMBRUNO, CHIEF ANALYST, THE CASEY REPORT

PROFIT FROM THE NEXT GOLD MANIA

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Page 1: PROFIT FROM THE NEXT GOLD MANIA

PROFIT FROM THE NEXT GOLD MANIA

BY NICK GIAMBRUNO, CHIEF ANALYST, THE CASEY REPORT

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PROFIT FROM THE NEXT GOLD MANIAThe Casey Report

Dear Reader,

Exploiting crises has long been the modus operandi and ethos of the many sociopaths that fill governments.

And as the world battles a global pandemic... the global elites at the IMF, the World Bank, the UN, and the World Economic Forum found the perfect opportunity to implement their new agenda to “Reset” America… control your finances…

And your fate.

If you have any money in the stock market… if you own a home or any other real estate… if you have more than $5,000 in savings…

Then you need to pay attention. And prepare as soon as possible.

Because I value personal and economic freedom. And I imagine you do, too.

And the last thing we want is a faceless bureaucrat telling us how much money we should have…

I’m bringing this up today because the US is facing a global pandemic and the biggest economic crisis since the Great Depression.

And you can bet the government’s not going to let it go to waste.

Under the cover of the recent crisis, a handful of powerful progressive politicians have introduced legislation that will forever change the way you spend, save, and invest.

It will undoubtedly destroy the savings of millions of Americans. And slash the value of your assets... savings... and income by 31%.

All in the name of “equality.”

You can either be among the panicked masses, standing for hours in line to salvage what you can from your bank or ATM…

Or you can take this report to heart.

I’ll show you where to shift your money to potentially earn massive profits from the coming “Great Reset.”

You see, soon, I predict gold will smash its all-time high.

I think $5,000 per ounce is a conservative prediction…

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I wouldn’t be surprised of it reached a new record high of $10,000 per ounce by the end of this bull market.

And I’ll give you three specific ways to capture huge gains as the government’s plan to devalue to dollar... implement a new “world tax”... hike property taxes... add new estate, inheritance, and gift taxes on assets sparks a gold mania in the months ahead. .

I don’t want you to be among the masses who are caught unaware as the government bureaucrats use yet another crisis to their advantage... and to hard working Americans’ detriment.

Regards,

Nick Giambruno Chief Analyst, The Casey Report

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PROFIT FROM THE NEXT GOLD MANIAThe Casey Report

LIST OF INVESTMENTSInvestment No. 1….……………………………………………………… Yamana Gold (AUY)

Buy Yamana Gold up to $8 per share.

Investment No. 2………………………………………………………… Royal Gold (RGLD)

Buy Royal Gold up to $160 per share.

Investment No. 3………………………………………… Sprott Physical Gold Trust (PHYS)

Buy Sprott Physical Gold Trust up to $20 per share.

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OPPORTUNITY # 1: YAMANA GOLD (AUY)Owning physical gold is an essential first step for any gold investor. But with premiums soaring and long waits, you hopefully have already bought some physical gold…

In any case, you’ll also want leveraged upside to grow your wealth in the historic bull market that’s now unfolding. For that, we’re turning to companies that produce precious metals…

Yamana Gold is a Canada-based miner with a multimillion-ounce gold reserve. It also has a strong production growth profile from its five gold and silver mines.

Yamana offers the relative safety of an existing, rapidly growing mid-tier producer, but with the upside of a junior production play. I think it’s set to vault out of the medium-sized producers and into the big league.

Let’s drill down into the key factors that make Yamana a terrific way to profit from the ongoing trouble in the markets.

Inside the Company

Yamana’s mines are world-class. They are already producing more than 900,000 ounces of gold equivalent (including 780,000 ounces of gold and 10.6 million ounces of silver) and doing it profitably. And there is much more to come.

Most of its production comes from Canada (33%) and Chile (30%). Operating in these two politically stable and mining-friendly countries is a big plus.

Yamana’s Four Production-Stage Projects:

1. Canadian Malartic (30% of total revenue)

The Canadian Malartic gold mine, one of Canada’s largest gold operations, is located in the Abitibi region of Quebec.

Yamana jointly (50/50) bought this open-pit mine with Agnico Eagle from Osisko Mining back in 2014. As a reminder, open-pit mines typically operate at a much lower cost. That’s because of the type of equipment needed, the lack of need for ventilation, and other factors.

Canadian Malartic produced 284,000 ounces of gold for Yamaha last year. As of December 2020, the company has 2.4 million ounces in reserves at the project.

2. El Peñón (24% of total revenue)

El Peñón is a 100% Yamana-owned high-grade gold-silver mine, located in the Atacama Desert in Region II of northern Chile.

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It’s an underground operation with output averaging 4,200 tonnes per day. The mine produced about 161,000 gold ounces and 4.9 million silver ounces last year. The mine currently has a reserve of 921,000 ounces of gold and 29.2 million ounces of silver.

It’s interesting to note that Yamana has replaced its reserves at El Peñón virtually every single year since production began in 1999.

3. Jacobina (20% of total revenue)

Jacobina is an underground operation in Bahia state in northeastern Brazil.

The project has a complex of underground gold mines and a 6,500 tonnes-per-day processing plant. Between 2014-2019, the mine has gone from producing 75,000 ounces of gold to almost 178,000 ounces. As of December 2020, the project has 2.8 million gold ounces in reserves.

4. Cerro Moro (14% of total revenue)

Cerro Moro is a gold-silver operation located in the Santa Cruz province of Argentina.

The project has several high-grade gold and silver veins, which Yamana mines through a combination of open pit and underground mines.

The company produced about about 67,000 ounces of gold and 5.5 million ounces of silver in 2020. The project currently boasts 431,000 ounces of gold and 23.9 million ounces of silver in reserves.

Yamana currently holds reserves of about 13.8 million ounces of gold and 113 million ounces of silver.

Remember, a mineral reserve is the portion of mineral resources that is economically feasible to produce and sell.

Yamana also has 15.7 million ounces of gold and another 49 million ounces of silver in the (lower confidence) resource category.

I think there’s a good chance a lot of these resources will become reserves at a later stage. Yamana’s geologists have done a fantastic job on this front in the past. Plus, the company has cash in the bank.

Yamana expects to grow production to 1 million ounces next year.

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If gold remains in its respective trading range, success on that front alone should trigger a rise in its share price.

I expect that Yamana will reach these targets with relative ease.

One big reason for this is, of course, Yamana’s team.

The company’s management has a successful track record of permitting, developing, and running mines in Canada and other parts of the world.

President and CEO Daniel Racine runs Yamana day-to-day. Former Agnico Eagle insider, Racine was a founding shareholder, director, and CFO of Rio Alto Mining from 2007-2014.

Racine has over 30 years of experience in the mining industry. His team includes engineers that know how to manage Yamana’s operations profitably. Yamana’s founder, Peter Marrone, is Chairman of the Board.

Catalysts

Yamana isn’t a small company that might hand you a 5x gain on great news. It’s a billion-dollar business. That said, this year I could see Yamana getting a push from:

• Phase 2 optimization at the Jacobina mine. Upon successful completion, this has the potential to take the mine to a production rate of 230,000 ounces per year.

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• Feasibility study at Jacobina. The company’s plans for Jacobina need to make economic sense, which the feasibility study (slated for release in 2021) will hopefully demonstrate.

• Continued exploration success at Cerro Moro.

• Delivering on production expectations.

Additional catalysts for these shares could be results from a feasibility study on the MARA project in Argentina. It’s a copper project, so I doubt management will immediately throw money at it even if the numbers look great. But the market may appreciate getting another new angle to this story.

Costs

Yamana’s costs are not the lowest in the industry, but they are relatively small. The company’s all-in sustaining cost (AISC) came in at $1,051 per ounce for 2020. As of this writing, that’s almost $750 per ounce below the current gold price of $1,800. In general, having AISC around $1,000 per gold ounce is the norm for leading miners in the current price environment. Plus, management expects Yamana’s AISC to decline this year, which would make it more profitable.

(As a reminder, AISC is a comprehensive measure of mining expenses, including on- and off-site costs, plus capital required to keep the mine in production.)

This relatively low-cost profile gives Yamana a safety cushion. It’s also more than enough to ensure that significant cash continues to flow into its coffers.

In sum, Yamana is in a decent place cost-wise. It doesn’t need gold to go any higher to be profitable.

Risk

A large portion of gold production happens in places with substantial political risk, like South Africa. So the location of Malartic – Yamana’s flagship mine – is a significant advantage. Canada, and Quebec in particular, is one of the friendliest mining jurisdictions in the world.

The bigger concern for Yamana is Brazil.

But Brazil has recently become a better place to do business, particularly since Jair Bolsonaro became president in 2019. Known for his pro-business stance, Bolsonaro has vowed to transform Brazil into one of the most investment-friendly places in the world.

Typically, we’d also have misgivings about Argentina as a mining destination. But Yamana knows the country inside and out, having operated there a long time.

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Perhaps more importantly, all its key mines are already in operation. So, there’s no real permitting risk.

The most significant risk for Yamana is falling gold prices. But with so much fear in the markets and worldwide money printing, I don’t expect precious metals prices to fall substantially lower from here. As I already explained earlier, the opposite is far more likely. Plus, Yamana’s relatively low AISC helps minimize this risk. I think Yamana would do very well even with gold at $1,500.

Balance Sheet

The downturn in gold prices that followed the 2008-2011 bull market struck Yamana hard. One of the culprits was debt.

As with many of its peers, Yamana’s troubles came from overspending on acquisitions and failing to keep a lid on costs.

In recent years, however, Yamana has focused on reducing debt and costs. It took some drastic steps like selling the Chapada copper mine for a total of $1 billion to meet debt repayments. As a result, the company managed to cut its long-term debt from $2 billion in 2014 to $994 million by 2020.

Today it has one of the healthier balance sheets in the industry – and an upgraded credit rating.

Yamana finished the most recent quarter with over $651 million in the bank. With this much money (while generating positive cash flow) and a low debt-to-equity ratio of 20%, I’m not worried about the company getting through tough times.

Remember, a low debt-to-equity ratio indicates lower risk because debt holders have less of a claim on the company’s assets.

Price and Valuation

Yamana’s shares are down so far in 2021, having traded sideways over the past year. You can see this in the chart below.

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The recent price action also means that these shares are currently trading 80% lower than their all-time high in 2012. In other words, Yamana is looking significantly undervalued.

Of course, it’s essential to look beyond just the price. But if we look at Yamana’s numbers in relative (not just absolute) terms, they tell the same story: The stock is a bargain.

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It’s also useful to look at Yamana’s valuation by comparing its reserves to its market capitalization.

As already mentioned, the company has about 13.8 million gold ounces and 113 million silver ounces in reserves. Even at $1,500 per gold ounce and $20 per silver ounce (well below today’s levels of around $1,800 and $27, respectively), its total reserves would be worth about $23 billion.

Meanwhile, it has a market cap of just $3.9 billion.

That means the value of Yamana’s reserves is nearly six timess its market cap. That doesn’t even include all the millions of gold and silver ounces – as well as tonnes of industrial metals – in the resource category.

Bottom line: Yamana’s shares look like a bargain.

I believe the current price action is a clear opportunity for those looking for low-risk leverage to rising gold going forward.

Dividend

Yamana is a dividend payer. Its current yield amounts to about 1.8%.

More than just that, the company has recently become very active in its attempt to boost value for shareholders.

In addition to raising its annual payouts by 25% to 7 cents per share, management has pledged to create a special fund to ensure the sustainability of its dividends.

As Yamana boosts production in 2021 and beyond, I expect its dividend to continue to grow significantly.

Action to Take: BUY Yamana Gold (AUY) up to $8 per share.

The company is a strong buy at current levels. That said, there’s no reason to chase this stock. It isn’t a small exploration company that can double on a great drill hole. There’s no rush here. Take your time and buy on down days for gold.

I expect Yamana could easily double this year. But it wouldn’t surprise me if this trade turned into a much bigger win for us.

Plan on holding shares for at least one to two years.

An Important Note on Controlling Your Risk

Mining stocks are notoriously volatile, which means we won’t use trailing stop losses here.

If you’re a small investor, we recommend placing no more than $200-$400 in Yamana. If you’re a big investor, you can make that $500-$1,000. It is the best way to control risk without missing out on the incredible upside opportunity.

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Ultimately, it’s up to you to determine the exact allocation of our recommendations in your portfolio. As always, please never invest money that you can’t afford to lose, and never borrow money to invest. Losing is always a possibility with all investments.

OPPORTUNITY # 2: ROYAL GOLD (RGLD)Royal Gold (RGLD) is one of the go-to names in the precious metals royalty and streaming space. It’s a successful operation that’s been around for a long time.

Royal Gold was founded more than three decades ago. It was an early champion of precious metals investing.

And investors who have held shares in RGLD for several years have made fortunes. Royal Gold shares traded at just three bucks in 1986. At writing, they trade at $104 per share.

What did it take for Royal Gold to become such a success? Just a few employees and an excellent management team. In fact, Royal Gold only has 20 people on staff today.

This is one of the main reasons we like royalty companies so much. And it has to do with the business model itself.

As a royalty company, you have none of the expensive headaches that come from mining. This makes royalty and streaming companies the safest way to be in the mining business.

This whole “mining without mining” business is also hugely profitable. Royalties and “streams” get paid on production, regardless of the profitability of the mines. That means that unless a mine shuts down, the royalty company will get paid.

Even if higher energy costs and higher labor costs cut into the payoff that mining companies receive from rising gold prices, those higher expenses won’t eat into RGLD’s royalties. Its royalty stream will grow proportionately with higher gold prices.

Royal Gold’s only “cost of production” is its office, staff, and cost of capital. No diesel fuel. No mining fleet. No permitting costs.

All this explains why RGLD made money during the 2011-2015 bear market, even when a lot of the miners paying their royalties were not. You can see this in the next chart.

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PROFIT FROM THE NEXT GOLD MANIAThe Casey Report

Not too bad considering gold lost 45% of its value between 2011 and 2015.

This is one of the key factors that makes Royal Gold an obvious target for new money entering our market, looking for low-risk leverage to rising gold going forward.

While RGLD’s fortunes are tied to the price of gold (and you know we think that’s headed higher), the company is poised for solid growth for two other reasons:

• Maturation of projects. In addition to the royalties from production-stage assets, Royal Gold has royalty agreements covering over eight development-stage projects with mineral reserves that are advancing towards production. [A mineral reserve is the portion of mineral resources that is economically feasible to produce and sell.]

These properties are in the process of being turned into producing mines. These mines will add millions more in royalty revenue for RGLD’s shareholders. It makes for a good project pipeline.

• Acquisition of new royalties. Like I said, Royal Gold is in the business of providing financing to miners in return for royalties. And management has hinted at the possibility of snapping more royalties/streams going forward.

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Assets

Royal Gold’s revenue increased 83 times from 2001 to 2020, as you can see in the next chart.

With a few exceptions, Royal Gold grew sales every year during this period.

Currently, Royal Gold has 42 producing royalties, spread across various metals and political ju-risdictions. I like this diversification. This and the royalty business model make for a low-risk op-eration. The low risk versus high potential reward is about as good as it gets in the mining sector.

The company has six main projects that bring in about 70% of revenues. Below are the top four:

• Mount Milligan, Canada, a copper-gold mine operated by Centerra Gold. Mt. Milligan has 4.7 million ounces of gold and nearly 1.8 billion pounds of copper in reserves. A streaming agreement covers 35% of payable gold at $435 per ounce and 18.8% of payable copper at 15% of spot copper price. In 2020, the mine produced a total of 161,855 ounces of gold.

• Pueblo Viejo, Dominican Republic, a gold-silver mine under joint venture between Barrick and Goldcorp. (Goldcorp was acquired by Newmont in April 2019.) Royal Gold has a stream on the Barrick share (60%) for gold output (7.5% on the first 990,000 ounces delivered and 3.75% thereafter) and for silver (75% on the first 50 million ounces of payable silver and 37.5% thereafter).

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Royal Gold is paying 30% of spot on the first 550,000 gold ounces and 60% thereafter. For silver, the arrangement is such that Royal Gold pays 30% of spot until the first 23.1 million ounces are delivered and 60% of spot thereafter. The reserves include 6.2 million ounces of gold. Pueblo Viejo produced a total of 903,000 ounces of gold last year.

• Andacollo, Chile, a copper-gold mine operated by Teck Resources. RGLD is entitled to 100% of the first 900,000 ounces of gold, and 50% after that. Royal Gold is paying 15% of the monthly average gold spot price for the month preceding delivery. The mine has 1 million ounces of gold in reserves. In 2020, Andacollo produced a total of 21,600 ounces of gold.

• Wassa, Ghana, a gold mine operated by Golden Star Resources. There are 1.5 million ounces of gold in reserves. The stream conditions cover 10.5% of the first 240,000 ounces produced, after which it’ll decline to 5.5% of payable gold. The mine produced a total of 190,000 ounces of gold in 2020.

The royalty model is one of the best business models in the world. In addition to the benefits we mentioned already, it comes with another great feature – something known as “optionality.”

It’s one of the most important elements of a royalty company. It’s also something conventional valuation models usually overlook.

Let me explain…

Most royalties apply to entire properties. It’s not just mine reserves at the time a decision is made to build a mine that these contracts cover. So the amount to be paid or delivered to the royalty company increases every time the miner discovers more gold, silver, etc. on the property and mines it.

Such royalties are options on all future discoveries. The value of this optionality can never be measured in the present, but it’s real. It’s also what adds windfall potential for royalty companies as uncertain discoveries turn into tangible gold ounces produced.

This is critical. Some mines (particularly in Nevada) are famous for having only a couple years of mine reserves left in them. But every year, they replace what they mine with new discoveries.

And it doesn’t only apply to Nevada. AngloGold Ashanti’s Cerro Vanguardia gold mine in Argentina has been doing this for decades. If you had a royalty on the mine’s reserves as originally planned, your royalty would have expired already. But a royalty that paid on anything discovered on these properties would still be paying and paying and paying.

Finally (and best of all), you typically don’t need to pay anything for this optionality. You buy the royalty based on what you project the mine in question will pay, given what’s already in hand. Anything discovered after the fact is free upside. This is a big part of the Royal Gold success story.

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This means streaming companies like RGLD often have more growth potential than traditional valuation metrics show.

People

Behind any company’s success is its team. But the royalty and streaming model is unique in that regard. The number of people involved in the business is minimal. Royal Gold may have only 20 employees, but their achievements speak for themselves.

It takes a special group of executives to grow revenues nearly 80 times with a headcount as low as this.

The company’s CEO and president, William Heissenbuttel, has over 25 years of experience in the mining industry.

Heissenbuttel’s team includes people who know how to steer Royal Gold through the market’s ups and downs successfully.

Bottom line: With a company this large, and with such a solid track record, we’re willing to go with a winning team that knows how to deliver.

Risk

Royalty Gold has none of the risks associated with miners – like exploration risks, technical risks, and cost overruns. The biggest risks in royalties are the mines not yet built, but that’s not the driver here.

Of course, declining gold and silver prices would be a risk for Royalty Gold. But I don’t expect precious metals prices to fall significantly lower from here.

Royal Gold is also a company that has managed difficult market conditions in the past. It should be able to do that again if necessary.

All in all, it’s hard to think of a precious metals investment with less risk and more upside.

The company’s political risk is diversified through its wide portfolio of streaming agreements. Even if one stream implodes, it wouldn’t be a fatal blow to Royal Gold. And with most of its projects in relatively stable countries, I think its overall political risk is relatively low.

Share Structure, Cash, and Debt

Royal Gold has a tight structure: ~66 million shares. Most of the shares are free trading on good volume.

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The company’s share structure hasn’t changed much since 2012, so we don’t expect any surprises. Unless Royal Gold decides to issue new shares to pay for a new acquisition (which would supposedly add value anyway), the dilution won’t be a problem here.

About 80% of the company’s shares are owned by institutions. This signals that the company is a mature business. Top shareholders include Capital Research and Management Company, The Vanguard Group, and VanEck Associates.

Insiders as a group own another 0.4%, led by Heissenbuttel himself who owns roughly 76,000 shares of Royal Gold. This is a good sign, too. It means the company’s top people have skin in the game.

Insider and institutional shareholders are called “strong hands.” They won’t let market volatility whipsaw them out of their positions.

Royal Gold finished the most recent quarter with over $382 million in the bank.

With this stash of cash and a debt-to-equity ratio of 9%, I’m not worried about the company getting through tough times (should they occur). This also makes RGLD one of the least-leveraged companies in the royalty and streaming space.

Price and Valuation

As you can see in the next chart, the stock is currently on sale compared to last year’s high.

It’s also worth mentioning that Royal Gold currently offers a dividend yield of 1.16%.

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That may not seem like a lot, but management has continued to grow dividend payouts for years. Back in 2001, the dividend was $0.05. After an increase announced in November, the company’s annual dividend is $1.20.

As Royal Gold adds more royalties and streams in the years to come, I expect its dividend to continue to grow.

And remember, RGLD is also a company that sports a solid balance sheet, low risk, and a highly experienced and successful management team.

In sum, Royal Gold still has a lot of upside, making it a great way to get leveraged exposure to the price of gold.

I expect these shares to do very well in this bull market in gold.

And Royal Gold is a low-risk, high-reward way to profit from this.

Action to Take: BUY Royal Gold (RGLD) up to $160 per share.

Remember, don’t invest any money you can’t afford to lose.

OPPORTUNITY # 3: SPROTT PHYSICAL GOLD TRUST (PHYS)Sprott Physical Gold Trust is a physical gold fund. PHYS was created to invest all of its assets in gold.

The man behind the fund is Eric Sprott, a precious metals guru and self-made billionaire. He founded Sprott Inc. – an early champion of precious metals investing – nearly four decades ago and took the company public in 2008.

Sprott’s company began investing in precious metals in 2000, when he saw tremendous upside for gold. (It was trading around $270 at the time – now it’s around $1,750).

In 2009, the company launched Sprott Physical Gold Trust. The fund gives investors a convenient way to buy actual physical gold without having to worry about storage, or coin premiums.

And, of course, PHYS has a long track record of tracking gold closely.

This all makes PHYS a great way to profit from the ongoing bull market in gold.

Not an ETF!

Sprott Physical Gold Trust is not an exchange-traded fund (ETF). It’s a closed-end fund (CEF). This is actually an advantage.

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As you may know, an ETF’s share price tracks its net asset value (NAV) very closely. That’s not necessarily the case with a CEF. Its share price can respond more strongly to market sentiment.

This means that shares in a gold-based, closed-end fund like PHYS can trade at a discount to NAV, or at a premium.

When the share price of PHYS is greater than its NAV, it’s trading at a premium. When it’s lower, it’s trading at a discount.

How does this happen?

Well, a closed-end fund like PHYS only issues a limited number of shares. When there’s a lot of demand for them, it doesn’t satisfy that demand by “printing” new shares like an open-end fund would. Instead, investors compete for a limited pool of shares and bid up the price.

Bottom line: Because of the way a closed-end fund works, buying one at the right time can hand you significant value.

A Host of Advantages

Sprott Physical Gold Trust is one of many ways to invest in gold. Let’s look at a few advantages it offers:

• The fund holds all its assets in physical gold bullion stored at the Royal Canadian Mint. In other words, PHYS buys physical gold for you (and only you) and holds it in giant safes. The custodian currently holds 2,592,555 ounces of gold in the fund’s name.

• The fund’s physical gold is periodically inspected and audited. So you know it’s there. Contrary to popular belief, this is not how all gold funds work.

• Unlike an ETF, PHYS never loans out its physical precious metals to other institutions.

• PHYS never takes deposit receipts for physical metals, as ETFs often do.

• And as an investor, you can even buy it and hold it in your IRA – or Roth IRA. If you hold it in one of these accounts, your capital gains won’t be taxed.

• You can choose to take delivery of your gold at any time, as long as the amount you want meets Sprott’s minimum redemption requirements. The minimum amount that can be redeemed in physical gold is one 400-ounce London Good Delivery bar.

I can’t stress this last point enough. When you buy PHYS, you own tangible gold that you could have shipped to your house.

Granted, this service is mostly suited to larger investors. But it’s still an important feature that sets PHYS apart from most precious metals ETFs.

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Price

The chart below shows PHYS’s one-year performance. It’s been in a downtrend for the past several months.

At writing, PHYS is still down about 17% from its previous peak. And it has plenty of upside.

PHYS is also currently selling at a discount to NAV. As of writing, the discount is 1.3%.

Remember, we want to buy at a discount or when the premium is low. Here’s a picture of the fund’s premium/discount since 2013.

PHYS’ current discount of 1.3% compares favorably to the average (10-year) premium of 0.3%. If we rolled back the timeline to its inception (which we didn’t to avoid the noise), the average premium would be about 1.3%.

So if history is anything to go by, PHYS is currently trading at a competitive price relative to NAV.

You can see this in the next chart.

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Bottom line: We’re still at an attractive entry point right to ride the long-term gold bull.

Action to Take: BUY shares of the Sprott Physical Gold Trust (PHYS) up to $20.

You should plan on holding for at least one year, possibly longer.

If any of the picks recommended in this Special Report are trading above our buy-up-to prices by the time you read this, please be patient and do not chase higher.

To contact us, call toll free Domestic/International: 1-888-512-2739, Mon-Fri: 9am-7pm ET, or email us here.

© 2021 Casey Research, LLC. 55 NE 5th Ave, Delray Beach, FL 33483. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher.

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