Where the Money Is Actually Made in Physical Metals Finance
The real margin comes from logistics, paperwork and picking the right counterparties — not from guessing where the gold price goes next.
People often assume financing physical metal is a bet on price. In reality, the return comes from tight documentation, a dependable logistics chain, and counterparties who deliver even when conditions get difficult.
Assay confirmation, custody records, insured transport and refinery acceptance aren't paperwork exercises — they are the collateral itself. Weaken any one link and the facility is effectively unsecured, whatever the metal happens to be worth that day.
We would rather run fewer deals with counterparties whose track record we can check than chase a larger book of opportunistic flow.
Newsroom
Further items.
Rates Aren't Coming Back Down, and Mining Valuations Know It
Discount rates on long-life resource assets have reset for good, and it's valuation discipline, not leverage, that will keep portfolios intact.
Read →OperationsThe Real Obstacle in Mining Now Is Permitting, Not Geology
It's licence certainty, community buy-in and power access — not ore grade — that now decides which projects meet our return bar.
Read →ESGWhy Community Buy-In Now Belongs in the Financing Model
Social licence has stopped being a box-ticking exercise and has become a real driver of schedule, cost and what can ultimately be recovered.
Read →