On a relative value basis KGC and WHT are both much cheaper than GG and GLG and both are essentially unhedged. WHT is entirely unhedged and once merged the new KGC is less than 10% to my knowledge. KGC is trading at a discount currently, but once the merger goes through I expect it to eventually trade to a premium similiar to other senior producers. KGC and WHT are my top two plays currently in the gold sector.
For some reason everyone always gravitates towards GG and GLG with little regard toward relative value. Of course if gold hits 400+ like I expect most relatively unhedged plays should do very well. That's why I like playing sectors.
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