 Good day, fellow investors. I received, I think, about 30-50 questions about what do I think of the Newmont Gold Corp merger. And I have analyzed, I have made videos both about Newmont, both about Gold Corp. So let's discuss this merger so that I can give you my opinion as you requested it. The first thing is my intrinsic value of Gold Corp, Gold Corp's value of the mines of the future cash flows at current Gold prices was about half a billion. The market cap was what? 5 billion. So that is the first reason. And then I logically think, okay, the management knew that, okay, what we own is mostly shitty. So what can we do? How can we save ourselves? The stock price of Gold Corp has been in a free fall for the last years. So they don't get stock options, they don't get anything. But if we merge with a big company like Newmont, then we have, again, stock options with a better company, with a better price. And Newmont had, let's say, better assets. Gold Corp was a stock for higher Gold prices. And this movement from the management actually shows how investors get screwed with Gold miners, because the focus of managers is on their own benefit, not on investors. 99% of the Gold miners out there have their main focus on themselves, not on shareholders. Gold Corp was a levered play on Gold prices. If Gold prices would have increased significantly, the stock would have exploded. However, the investors that invested in Gold Corp, with that notion in mind that Gold Corp is going to grow 2020-2020, 20% production, 20% lower cost, 20% expansion in resources, plus if Gold prices would have gone up, as they did even a little bit over the last month, then they should have made really, really good. But the management failed to deliver. How to solve this situation? How to solve that the actual value of the company goes to half a million? How can we take the management's some advantage of what's going on shareholders could have always solved the stock? So how can we take, we can merge, we can make a merger or we can be acquired by Newmond. And I'm very, very interesting and curious to go perhaps one day if I have the time to read about the shareholder, the management options that were transferred from Gold Corp to Newmond and how much money will the management make in this transaction? So screwing shareholders first thing or not even thinking about shareholders is on top of Gold Corp's mind in this case because, okay, they let's say failed on their promises because that's why there were, that was the news over the last time. On Newmond's side, now we had Barrick that acquired rent Gold. So there was some excitement, okay, the CEO has a bigger company, more mines, more ounces, more production, I'm probably getting rewarded for what I do. So if I do things, I'll get higher rewards, I get a bigger plane, there is no synergies between mines. If I listen to a Bloomberg interview from the Gold Newmond CEO, he says they will have synergies with the head office, they will have synergies with the regional offices and blah, blah, blah like that. So there is no real synergies. It is mining, you can hire the special squads that technology that assess the mines, how to do it, etc. What Newmond wanted is growth, as Barrick has merged with rent Gold. So they wanted, oh, we have to grow too, we have to be at high at that ETF level, we have to do something to deserve a bigger plane, a bigger salary, a bigger parachute, more options, etc, etc. And the market hasn't rewarded Newmond for what they have been doing because it's another stupid thing to do. So no value creation here, it's not an acquisition, it's not synergies, it's not anything, it's just two management trying to improve their situation. And as I look over and over, as I looked through all the gold miners traded out there, I think I did more than 50 of them for my stock market research platform, I did see that there is really, really mostly overvalued miners and bad management with own interests. And I think the most important factor with this merger are own management's interest. And that's something you have to be very, very, very careful in the gold mining environment, in the gold environment, silver environment, silver mining, and all other, let's say commodities where it's very important to get equity to grow, to have a good story, more important that the actual cash flows that you produce. Newmond's CEO said proudly that they delivered 1.5 billion that they gave back to shareholders over the last five years. Five years, that's 300 million per year for a risky miner in the gold industry, I would expect a 10% dividend, so return. So the value of Newmond for me should be 3 billion, that's it from a business perspective. But then there is always the gold, the crisis that all those stories from gold bulls that actually fuel enough money into the sector, into the ETFs. And the CEO also managed how important are ETFs when buying selling. So those stories fuel ETFs and keep the market afloat. So it's a very, very risky situation, very dangerous market to invest in. If you want exposure to gold in a portfolio, when after I looked at all the gold miners out there, 99% of the population that wants gold exposure should go simply with physical gold. So thank you for watching, looking forward to your comments and I'll see you in the next video.