Update: Gold at $1,585; TBR at $5.05; RND at $1.65.
The consolidated gold holdings would be about 205k ozs after adding gold accumulated since mid year. About $325M.
TBR mkt cap is $252.5M.
RND mkt cap is $99.2M
Total $351.8M.
To determine the value of shares held by external shareholders we need to eliminate the cross holdings. This should be done because ultimately everything owned by the 2 companies is owned by the external shareholders
The 44% TBR owns of RND is worth $43.9M.
The 26% RND owns of TBR is worth $66.4M.
Total $110.3.
$351.8M less $110.3M equates to $241.5M
Therefore the combined external shareholders of the 2 companies own gold valued at $325M and the value of their shareholdings is worth $241.5.
The gold value has increased by $28M to $84M or 33% above the combined market cap.
Gold on Hand Worth MORE than Mkt Cap!, page-41
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