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More capex but more personal optimism in Polymetal

Nearly seven months ago I observed that you should ‘always believe in gold...but stick with Barrick (GOLD) and Polymetal (POLY) and not Yamana (AUY)’ HERE. Most gold stocks are down year-to-date - after an excitable previous couple of years - and these three stocks have been no different. So what do I make of Polymetal now after it published its first half numbers today?


Always believe in gold...but stick with Barrick and Polymetal and not Yamana

Those of you who remember quality 1980s music will recall the song ‘Gold’ by Spandau Ballet which includes the words “You're indestructable...Always believe in...'Cause you are gold”.  From an investment perspective, what this should mean is that it is smart to have a chunk of your portfolio in the shiny yellow metal.  Yes, the gold price has fallen by a couple of hundred dollars per ounce, but in a world of unbelievable debt volumes out there (and in my view 2020s decade inflation rates that are likely to be above bank and bond yields for a while), it makes no sense not to have some.


Polymetal - grade, growth, cashflow, dividends

First a hat tip to fellow ShareProphets scribe Gary Newman who absolutely called it three or so weeks ago when he wrote HERE, highlighting the overly negative reaction of Polymetal (POLY) shares to the news of varying sanctions on Russian corporate names and businessmen. After having an opportunity to speak with the management of the company last week, I completely agree with Gary's assertion.

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