GOLDMONEY (XAUMF)

What Moves the Stock

1. 1Gold spot price volatility (GCUSD) - drives both trading volumes and asset values under custody
2. 2Assets under custody (AUC) growth - directly impacts recurring storage fee revenue
3. 3Transaction volume trends - reflects client engagement and trading activity across the platform
4. 4Regulatory developments in precious metals custody and digital asset frameworks
5. 5Currency devaluation concerns and inflation hedging demand - drives new account openings
6. 6Transaction fees on precious metals purchases and sales (estimated 40-50% of revenue)
7. 7Storage and custody fees for allocated physical metal holdings (estimated 25-35% of revenue)
8. 8Trading spreads between buy/sell prices on gold, silver, platinum, palladium (estimated 15-25% of revenue)

XAUMF Chart

My Notes

• value with growth optionality - The 0.9x P/B and 3.7x EV/EBITDA multiples attract deep value investors seeking mispriced small-cap…
• Rising real interest rates negatively impact gold prices (opportunity cost of holding non-yielding assets)…
• Watch on earnings: GCUSD (Gold futures spot price) - primary driver of trading volumes and AUC valuations, SILUSD (Silver futures spot price) - secondary metal exposure for diversified client holdings, Real interest rates (GS10 minus CPIAUCSL) - key determinant of gold's opportunity cost.