Gold on Hand Worth MORE than Mkt Cap!, page-49

The first time I posted this info and calculated the difference between the market caps of RND&TBR and the market value of the gold they hold was back on the 15th December last year. At the time gold had been plunging for a few months and the price was at medium term low. Gold held was worth $56M more than the combined market value of the two companies.

Fast forward to today and gold has been in a good uptrend since December.

Today the gold held is worth $79M more than the combined market value of the two companies.

The Numbers:

The consolidated gold holdings would be about 216k ozs after adding gold accumulated since June last year. At the current price of $1705, about $370M.

TBR mkt cap is $302M.
RND mkt cap is $122M
Total $424M.

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 $54M.
The 26% RND owns of TBR is worth $79M.
Total $133M.

$424M less $133M equates to $291M

Therefore the combined external shareholders of the 2 companies own gold valued at $370M and the value of their shareholdings is worth $291.

The gold is worth $79M more than the combined market cap.