Jun. 16 at 12:56 PM
$FNV Gold at
$4,347.90 and Franco-Nevada is still rated BUY with only 4.7% YTD, a gap that looks like the royalty book has been left behind the physical move. The model pulled its score from 82 to 77 as momentum builds, so conviction is softening even as the setup looks attractive. The bear case: if gold is pricing a Hormuz spike already resolved, the sovereign-stress bid fades and FNV's catch-up trade never fires.
