Metals are cheap

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Miners are statistically cheap on a historic basis in both an absolute and a relative sense, measured based on P/NAV at spot and annualized earnings relative to enterprise value. The charts below illustrate this point. It is important to understand the reasons for this discount, and the catalysts that may change market perception of this group’s cashflows.



Gold and Silver miners are very cheap historical and would be a time to slowly invest into this sector.





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