Intrinsic value of Royal Gold - RGLD

Previous Close

$84.99

  Intrinsic Value

$8.70

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  Rating & Target

str. sell

-90%

Previous close

$84.99

 
Intrinsic value

$8.70

 
Up/down potential

-90%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RGLD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Royal Gold (RGLD) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.50
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  441
  450
  460
  472
  485
  500
  516
  534
  553
  573
  595
  619
  644
  671
  699
  729
  761
  795
  831
  869
  908
  951
  995
  1,042
  1,091
  1,143
  1,198
  1,255
  1,316
  1,380
  1,447
Variable operating expenses, $m
 
  444
  454
  465
  478
  493
  509
  526
  545
  565
  587
  610
  635
  661
  689
  719
  750
  784
  819
  856
  896
  937
  981
  1,027
  1,076
  1,127
  1,181
  1,238
  1,297
  1,360
  1,426
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  295
  444
  454
  465
  478
  493
  509
  526
  545
  565
  587
  610
  635
  661
  689
  719
  750
  784
  819
  856
  896
  937
  981
  1,027
  1,076
  1,127
  1,181
  1,238
  1,297
  1,360
  1,426
Operating income, $m
  146
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
EBITDA, $m
  306
  170
  173
  178
  183
  188
  195
  201
  208
  216
  224
  233
  243
  253
  263
  275
  287
  300
  313
  327
  342
  358
  375
  393
  411
  431
  451
  473
  496
  520
  545
Interest expense (income), $m
  19
  21
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
Earnings before tax, $m
  119
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
Tax expense, $m
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  102
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,094
  3,060
  3,130
  3,211
  3,301
  3,401
  3,511
  3,631
  3,760
  3,899
  4,049
  4,209
  4,380
  4,562
  4,755
  4,960
  5,178
  5,408
  5,651
  5,908
  6,180
  6,466
  6,768
  7,087
  7,422
  7,776
  8,148
  8,539
  8,951
  9,385
  9,841
Adjusted assets (=assets-cash), $m
  3,008
  3,060
  3,130
  3,211
  3,301
  3,401
  3,511
  3,631
  3,760
  3,899
  4,049
  4,209
  4,380
  4,562
  4,755
  4,960
  5,178
  5,408
  5,651
  5,908
  6,180
  6,466
  6,768
  7,087
  7,422
  7,776
  8,148
  8,539
  8,951
  9,385
  9,841
Revenue / Adjusted assets
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
Average production assets, $m
  1,425
  1,453
  1,486
  1,525
  1,567
  1,615
  1,667
  1,724
  1,785
  1,852
  1,923
  1,999
  2,080
  2,166
  2,258
  2,355
  2,458
  2,568
  2,683
  2,805
  2,934
  3,070
  3,214
  3,365
  3,524
  3,692
  3,869
  4,055
  4,250
  4,456
  4,673
Working capital, $m
  110
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  74
  78
Total debt, $m
  586
  599
  618
  640
  665
  692
  722
  755
  790
  828
  868
  912
  958
  1,008
  1,060
  1,116
  1,175
  1,238
  1,304
  1,374
  1,448
  1,526
  1,608
  1,695
  1,786
  1,882
  1,983
  2,090
  2,202
  2,320
  2,444
Total liabilities, $m
  819
  832
  851
  873
  898
  925
  955
  988
  1,023
  1,061
  1,101
  1,145
  1,191
  1,241
  1,293
  1,349
  1,408
  1,471
  1,537
  1,607
  1,681
  1,759
  1,841
  1,928
  2,019
  2,115
  2,216
  2,323
  2,435
  2,553
  2,677
Total equity, $m
  2,275
  2,228
  2,279
  2,337
  2,403
  2,476
  2,556
  2,643
  2,737
  2,839
  2,948
  3,064
  3,189
  3,321
  3,462
  3,611
  3,769
  3,937
  4,114
  4,301
  4,499
  4,707
  4,927
  5,159
  5,403
  5,661
  5,932
  6,217
  6,517
  6,832
  7,164
Total liabilities and equity, $m
  3,094
  3,060
  3,130
  3,210
  3,301
  3,401
  3,511
  3,631
  3,760
  3,900
  4,049
  4,209
  4,380
  4,562
  4,755
  4,960
  5,177
  5,408
  5,651
  5,908
  6,180
  6,466
  6,768
  7,087
  7,422
  7,776
  8,148
  8,540
  8,952
  9,385
  9,841
Debt-to-equity ratio
  0.258
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
Depreciation, amort., depletion, $m
  160
  163
  167
  171
  176
  181
  187
  194
  201
  208
  216
  225
  234
  243
  254
  265
  276
  289
  301
  315
  330
  345
  361
  378
  396
  415
  435
  456
  478
  501
  525
Funds from operations, $m
  260
  149
  152
  156
  160
  165
  170
  176
  182
  188
  195
  203
  211
  219
  228
  238
  248
  259
  270
  282
  294
  308
  322
  336
  352
  368
  386
  404
  423
  443
  464
Change in working capital, $m
  -6
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
Cash from operations, $m
  266
  149
  152
  156
  160
  164
  169
  175
  181
  187
  194
  202
  209
  218
  227
  236
  246
  257
  268
  280
  292
  305
  319
  334
  349
  366
  383
  401
  420
  439
  460
Maintenance CAPEX, $m
  0
  -160
  -163
  -167
  -171
  -176
  -181
  -187
  -194
  -201
  -208
  -216
  -225
  -234
  -243
  -254
  -265
  -276
  -289
  -301
  -315
  -330
  -345
  -361
  -378
  -396
  -415
  -435
  -456
  -478
  -501
New CAPEX, $m
  0
  -28
  -33
  -38
  -43
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
Cash from investing activities, $m
  -200
  -188
  -196
  -205
  -214
  -224
  -233
  -244
  -255
  -267
  -279
  -292
  -306
  -320
  -335
  -351
  -368
  -385
  -405
  -423
  -444
  -466
  -488
  -512
  -537
  -564
  -592
  -621
  -652
  -684
  -718
Free cash flow, $m
  66
  -40
  -45
  -50
  -54
  -59
  -64
  -69
  -74
  -79
  -85
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -188
  -198
  -209
  -220
  -232
  -244
  -257
Issuance/(repayment) of debt, $m
  -25
  13
  19
  22
  25
  27
  30
  33
  35
  38
  41
  44
  46
  49
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
Issuance/(repurchase) of shares, $m
  -2
  53
  66
  74
  81
  89
  97
  105
  113
  121
  130
  138
  147
  157
  166
  176
  187
  198
  209
  221
  233
  246
  259
  274
  288
  304
  320
  337
  355
  373
  393
Cash from financing (excl. dividends), $m  
  -36
  66
  85
  96
  106
  116
  127
  138
  148
  159
  171
  182
  193
  206
  219
  232
  246
  261
  275
  291
  307
  324
  341
  361
  379
  400
  421
  444
  467
  491
  517
Total cash flow (excl. dividends), $m
  30
  26
  40
  46
  52
  57
  63
  68
  74
  80
  85
  91
  97
  104
  110
  117
  124
  131
  139
  147
  155
  163
  172
  182
  191
  202
  212
  223
  235
  247
  260
Retained Cash Flow (-), $m
  -46
  -53
  -66
  -74
  -81
  -89
  -97
  -105
  -113
  -121
  -130
  -138
  -147
  -157
  -166
  -176
  -187
  -198
  -209
  -221
  -233
  -246
  -259
  -274
  -288
  -304
  -320
  -337
  -355
  -373
  -393
Prev. year cash balance distribution, $m
 
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  59
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -113
  -120
  -126
  -133
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  57
  -23
  -24
  -25
  -25
  -25
  -25
  -24
  -24
  -23
  -22
  -21
  -20
  -19
  -17
  -16
  -14
  -13
  -11
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  99.0
  97.8
  96.6
  95.2
  93.8
  92.3
  90.8
  89.2
  87.6
  86.0
  84.4
  82.8
  81.1
  79.5
  77.9
  76.3
  74.7
  73.1
  71.5
  70.0
  68.4
  66.9
  65.4
  64.0
  62.5
  61.1
  59.7
  58.4
  57.0
  55.7

Royal Gold, Inc., together with its subsidiaries, is engaged in acquiring and managing precious metal streams, royalties and similar interests. The Company operates through two segments: Acquisition and Management of Stream Interests, and Acquisition and Management of Royalty Interests. Its assets are located in Canada, Chile, Dominican Republic, Mexico, the United States, Africa, Australia and Other. As of June 30, 2016, the Company owned stream interests on four producing properties and three development-stage properties. It has investments in stream interests relating to Pueblo Viejo, Andacollo, Wassa and Prestea, and Rainy River. As of June 30, 2016, the Company owned royalty interests on 34 producing properties, 21 development-stage properties and 131 exploration-stage properties, of which it considered 50 to be evaluation-stage projects.

FINANCIAL RATIOS  of  Royal Gold (RGLD)

Valuation Ratios
P/E Ratio 54.3
Price to Sales 12.6
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 20.8
Growth Rates
Sales Growth Rate 22.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 25.8%
Total Debt to Equity 25.8%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 1.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 79.8%
Gross Margin - 3 Yr. Avg. 81.7%
EBITDA Margin 67.6%
EBITDA Margin - 3 Yr. Avg. 55.1%
Operating Margin 33.1%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 27%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 23.1%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. -78.5%
Payout Ratio 59.8%

RGLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGLD stock intrinsic value calculation we used $441 million for the last fiscal year's total revenue generated by Royal Gold. The default revenue input number comes from 2017 income statement of Royal Gold. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RGLD stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RGLD is calculated based on our internal credit rating of Royal Gold, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Royal Gold.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RGLD stock the variable cost ratio is equal to 98.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RGLD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Royal Gold.

Corporate tax rate of 27% is the nominal tax rate for Royal Gold. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RGLD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RGLD are equal to 323%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Royal Gold operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RGLD is equal to 5.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2275 million for Royal Gold - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65.392 million for Royal Gold is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Royal Gold at the current share price and the inputted number of shares is $5.6 billion.

RELATED COMPANIES Price Int.Val. Rating
ABX Barrick Gold 13.18 1.41  str.sell
HL Hecla Mining 3.98 1.88  str.sell
NGD New Gold 2.63 0.90  str.sell
IAG IAMGOLD 5.88 1.20  str.sell

COMPANY NEWS

▶ Royal Gold, Inc. to Host Earnings Call   [09:30AM  ACCESSWIRE]
▶ Royal Gold reports 2Q loss   [Feb-07-18 05:21PM  Associated Press]
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▶ Top 4 Gold Stocks as of February 2018   [Feb-02-18 05:40PM  Investopedia]
▶ Here's How Royal Gold, Inc. Crushed It in 2017   [Jan-31-18 06:49AM  Motley Fool]
▶ Could Gold be Set for a Big Move in 2018?   [Jan-26-18 04:39PM  Market Realist]
▶ Analyzing the Technicals of Mining Stocks in January 2018   [Jan-24-18 09:37AM  Market Realist]
▶ Is Franco-Nevada Corp a Buy in 2018?   [Jan-19-18 09:33AM  Motley Fool]
▶ Technicals for Mining Shares and How Theyre Moving   [Jan-11-18 07:36AM  Market Realist]
▶ How Did Mining Share React on the Last Trading Day of 2017?   [Jan-05-18 10:38AM  Market Realist]
▶ Reading the Recent Gold-Silver Spread   [09:03AM  Market Realist]
▶ Gold Stocks: What to Watch in 2018   [08:02AM  Motley Fool]
▶ 3 Myths About Investing in Gold   [10:15AM  Motley Fool]
▶ How Miners Correlate to Gold   [Jan-03-18 02:02PM  Market Realist]
▶ Why 2017 Was a Year to Remember for Royal Gold, Inc.   [Dec-30-17 11:34AM  Motley Fool]
▶ What Happened in the Stock Market Today   [Dec-28-17 05:00PM  Motley Fool]
▶ Denver gold company gets some bad news about a Canadian mine   [12:00PM  American City Business Journals]
▶ Can Gold Repeat Its Rally in the New Year?   [02:32PM  Market Realist]
▶ Gold in 2017: Which 5 Miners Have Made Money?   [02:28PM  Market Realist]
▶ Analyzing Mining Stocks Performance in December 2017   [Dec-21-17 09:15AM  Market Realist]
▶ Whos Changing Minds on Royal Gold?   [07:34AM  Market Realist]
▶ Stocks With Rising Relative Strength: Royal Gold   [03:00AM  Investor's Business Daily]
▶ 3 Gold Stocks to Buy Even If Gold Doesn't Rise   [Dec-14-17 09:16AM  Motley Fool]
▶ Todays Correlation Study of Key Mining Stocks with Gold   [Dec-13-17 11:58AM  Market Realist]
▶ Book Review: "The Big Score"   [Dec-11-17 11:50AM  GuruFocus.com]
▶ Analyzing Miners Volatility Indicators   [Dec-07-17 04:30PM  Market Realist]
▶ Is Royal Gold, Inc. a Buy?   [Dec-05-17 08:07AM  Motley Fool]
▶ Roundtable: Why I Won't Buy Gold   [Nov-29-17 08:45PM  Motley Fool]
▶ A Look at Miners Volatility   [05:37PM  Market Realist]
▶ 3 Top Gold Stocks to Consider Buying Now, and 1 to Avoid   [Nov-23-17 09:13AM  Motley Fool]
▶ Comparing Miners Correlation with Gold   [07:34AM  Market Realist]
▶ 3 Stocks the World's Best Investors Are Buying Right Now   [Nov-17-17 10:23AM  Motley Fool]
▶ Is SSR Mining Inc. a Buy?   [10:05AM  Motley Fool]
▶ Directional Changes in the Correlation of Miners to Gold   [Nov-16-17 02:28PM  Market Realist]
▶ 3 Gold Stocks You Don't Have to Babysit   [08:34AM  Motley Fool]
▶ How Are Traders Positioned on Gold?   [Nov-09-17 10:31AM  Market Realist]
▶ The 5 Biggest Myths About Gold   [06:03AM  Motley Fool]
▶ Mining Shares: What Direction Is the RSI Level Taking?   [Nov-07-17 07:46AM  Market Realist]
▶ Royal Gold Sees Relative Strength Rating Climb To 73   [03:00AM  Investor's Business Daily]
▶ Top 4 Gold Stocks as of November 2017   [12:33PM  Investopedia]
▶ Royal Gold's Impressive Dividend History   [Nov-03-17 07:16AM  Motley Fool]
Financial statements of RGLD
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