Noteworthy this weekGold miners’ operational leverageInflation is a monetary phenomenonThe rich drive consumptionUS$1.2trn in interestRisk of US recession risesGold miners’ operational leverage: Gold miners typically have a relatively fixed cost per ounce of gold produced. As the gold price reaches new ATHs, miners benefit from their operational leverage.This is what operational leverage looks likeGold miners are literally printing money:▪️Gold at$2,900 → $1,500 profit per oz◾️Gold at$3,650 → $2,250 profi ...