Tuesday, September 16, 2025

Gold Price Disconnect: Physical Demand vs. Paper Markets

At the Rule Symposium in Boca Raton, Florida, Nolan Watson, President & CEO of Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL), shared insights on his company’s remarkable journey from startup to a $1.6 billion market cap royalty and streaming enterprise.

Watson detailed Sandstorm’s business model, which centers on diversified royalties from mines globally, generating substantial cash flow. He highlighted the company’s strategic shift from equity issuance to share buybacks and debt reduction, signaling financial maturity and confidence in future prospects.

Addressing the disconnect between gold prices and gold equities, Watson provided a nuanced perspective on institutional investor behavior:

“If you look over the last 14 months, 12 months in a row was net liquidation by institutional investors of gold out of ETFs and it’s those same institutional investors that have been liquidating gold equities. It’s just in the last two months that institutional investors have become net buyers of gold,” he explained. “So you’ve had the international central banks buying gold, and you’ve had institutional investors selling gold, and that’s been putting downward pressure on all of the gold companies.”

Watson outlined Sandstorm’s current and future revenue streams, spotlighting key projects such as Equinox’s Greenstone mine and Barrick’s Robertson mine. Drawing a parallel with industry giant Franco Nevada, Watson suggested Sandstorm is following a similar growth trajectory, positioning itself to become a major player in the sector.


Not a recommendation to buy or sell securities. Always do additional research and consult a professional before purchasing a security. The Deep Dive and its affiliates hold no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Uranium, Evergrande, & Gold With Kai Hoffmann – The Daily Dive

Today, our host welcomes back on the Daily Dive Kai Hoffman, Founder and Managing Director...

Monday, September 27, 2021, 01:30:00 PM

Bitcoin Mining Less Energy-Intensive Than Banking System and Gold Industry

The explosion in cryptocurrency mining over the past year has prompted an onslaught of environmental...

Monday, May 17, 2021, 04:25:00 PM

The Deep Dive Compiles Company Profile On AUX Resources

AUX Resources Corporation (TSXV: AUX) is a gold mining company focused on the Stewart Mining...

Saturday, September 12, 2020, 08:30:00 AM

Trans Canada Gold Receives Drill Permits For Newfoundland Property

Trans Canada Gold Corp (TSXV: TTG) this morning announced that it has received drill permits...

Wednesday, September 1, 2021, 10:16:54 AM

How It Works: JPM Precious Metals Fined For Order Spoofing

Bloomberg reported September 23rd that an investigation by the US Department of Justice and the...

Wednesday, September 30, 2020, 12:15:00 PM