RE:The role of luck in companies and investorsWell made bullish case. I disagree with none of it.
However i still fear a black swan event...an everything crash of both stock and commodity markets. This is not entirely unlikely and underpins SOME of the bullish cases being made for precious metals. Everything goes down, precious metals go up up up.
But do precious metals stocks go up with the metals?
Not necessarily. Because stocks are paper assets (well digital paper anyways) precious metals stocks could melt down even as physical precious metals rise. I don't think this is likely BUT cannot be entirely ruled out.
Its the reason gold bugs hoard physical. Because stocks are denominated in worthless dollars then even far seeing AR investors could be stuck with worthless stock certificates.
At an average cost of .47 I love my large AR holding but do wonder if 'to be or not to be...in physical gold?...is the question.
I don't pretend to have the answer to that question but i do worry it. The whole world--governments and individuals--is drowning in debt some percentage of which is NOT going to be repaid.
That's the case for physical gold.
We will see how things go. I'm right there with you on the bullish case for Argonaut but...
Cheers.