Coeur Mining (CDE +5.55%) has, with a flourish worthy of a stage magician, announced an increase in its subterranean hoard. The market, ever susceptible to glittering distractions, has responded with predictable enthusiasm. One might say, the more things change, the more they resemble a particularly persistent folly.
The company boasts at least 4.4 million ounces of gold slumbering beneath the earth. At current prices – a figure as fluid and unreliable as human affection – this amounts to some $22.1 billion. A sum, naturally, exceeding the company’s own valuation by a rather extravagant 49%. It is, of course, always more amusing to contemplate potential wealth than to actually possess it.
Coeur’s Subterranean Dreams
According to Coeur, they possess “proven and probable” reserves of 4.4 million ounces of gold and 274.4 million ounces of silver. To this, they add a further 3.1 million ounces of gold deemed “measured and indicated,” alongside a similar quantity of silver, and finally, a more speculative 3.8 million ounces of gold classified as “inferred.” A veritable taxonomy of hope, wouldn’t you agree? One suspects the distinction between “proven” and “inferred” is largely a matter of optimistic accounting.
It is a great deal of metal, undeniably. Though, as any seasoned cynic will tell you, the difference between a fortune and a fantasy lies primarily in the digging. And the market, ever eager to believe in miracles, rarely bothers with the details. It is, after all, so much more elegant to be deceived than to be bored.
One notes, with a certain detached amusement, that these “measured and indicated” resources have diminished by 18% and 14% year-over-year. A fact conveniently overshadowed by the pronouncements of future abundance. The art of persuasion, one observes, lies not in revealing the truth, but in artfully concealing the inconvenient.
They also claim reserves of zinc and lead, but these are, let us be frank, mere footnotes in the grand narrative of gold and silver. Like a poorly chosen waistcoat, they distract from the true spectacle.
A Purchase Worth Considering?
Coeur’s reserve estimates appear, on the surface, to be…sound. So long as gold maintains its present allure – a condition as precarious as a debutante’s reputation – and silver fetches at least $26 an ounce. The stock, currently trading at a modest 12 times earnings, appears almost…affordable. Though, as I have always maintained, cheapness is rarely a synonym for value.
One might even venture to suggest that, in a world increasingly devoid of genuine elegance, a little gilded speculation is permissible. But let us not mistake the glitter for substance. The earth, after all, holds many secrets, and the market, few.
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2026-02-18 19:43