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Published on Gold Anti-Trust Action Committee (http://gata.org)

Sprott's John Hathaway: Gold, the simple math

By cpowell
Created 2020-10-16 16:47

12:45p ET Friday, October 16, 2020

Dear Friend of GATA and Gold:

Sprott gold portfolio manager John Hathaway this week published a report detailing the many factors supporting investment in gold and gold-mining companies.

Hathaway writes: "Gold-mining shares represent unprecedented value relative to their history and in comparison to conventional equity alternatives. For example, miners trade at EV/EBITDA (enterprise value to earnings before interest, taxes, depreciation and amortization) of 8.52x compared to the equal-weighted S&P 500 of 16.33x, the widest spread in 10 years."

... Dispatch continues below ...



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What explains this disparity? Hathaway doesn't, but maybe it has something to do with the efforts of central banks to support general equities prices and suppress the gold price. As market analyst, author, and geopolitical analyst Jim Rickards was permitted to say on CNBC in 2009: "When you own gold you're fighting every central bank in the world." But being candid enough to acknowledge this can make it more difficult to sell gold-related investments.

Maybe that's why Hathaway gets invited to speak at more financial conferences than GATA does.

Hathaway's report is headlined "Gold, The Simple Math" and it's posted at Sprott here:

https://sprott.com/insights/sprott-gold-report-gold-the-simple-math/ [2]

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [3]

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