Title : New Gold (NGD)'s "gold equivalent" is an insult to the intellligence
link : New Gold (NGD)'s "gold equivalent" is an insult to the intellligence
New Gold (NGD)'s "gold equivalent" is an insult to the intellligence
Seriously Renaud, what is the point of this?
As it happens the silver production is small and inconsequential, but the copper plans are a total joke:
- On March 31st, the gold/copper ratio was 566X (numbers above)
- Today, the gold/copper ratio is 724X (1709/236)
- But you want to pretend it's 526X. Not only that, you've decided to do so in what promises to be one of the most volatile years on record of metals prices.
What does that mean? Well, if NGD used today's real ratio on the 18.5Mlbs Cu it produced last quarter, it would represent around 25,552 oz gold. However, as NGD fakes it and uses 526X, they get to a total of 35,171 oz AuEq in copper, thereby magically adding 9,619 ounces of gold.
A miracle of accountancy. Renaud, just do us all a favour and scrap your gold equivalent stupidity. If you're not going to take it seriously, why should we?
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