Royalty Over Risk

Why the biggest winners of the past 17 years were not miners, but the companies financing them.

Investors who look to gold typically follow a familiar playbook. They either purchase the metal itself or gain exposure through mining companies. That can mean owning bullion, buying shares in large producers, or, if they are comfortable with added risk, taking a position in an early stage exploration story.

There is nothing inherently wrong with that fr…