 Good day fellow investors. I recently discussed the top 10 gold mining positions of the Van Ek gold miners ETF and today we're going to discuss the stocks that are positioned from 10 to 20. The top 10 were pretty stable, pretty expensive, largely diversified gold miners. The next 10 that we're going to discuss today are different animals. So they will give you much more leverage. There is a little bit of everything. There are good companies, small companies, bad companies, large companies. So you have to see how that fits your gold mining part, hedge part of your portfolio. Always think that you own gold miners to hedge to whatever can happen, lose monetary policies or something like that in the long term. Gold is not a productive asset. So you cannot expect that it will create value over the long term. So if you want to own less in gold, you might want to look at much more leveraged gold players. There will be plenty today. Let's immediately start. These are the miners that we're going to discuss today. And what's very important is you see how the Van Ek gold miners is skewed towards the bigger, more stable players. The bigger company is, the higher is the weight in an ETF. The top 10 miners had 54% of the ETF. The next 10 miners have 20% of the ETF, which means that the next 40 miners have just 30% of the ETF. The first company I want to discuss is Anglo Gold Ashanti. And that's immediately a very interesting company. As it has a price to cashflow of just 4.16, the company has 17 mines in nine countries, well-diversified across the world, and almost 50 million ounces of gold reserves. So it's a huge company. Why it is not among the top three, four producers? Because it has all in sustaining mining costs high at 1,100 per ounce. There is also that of 2 billion, but the company manages to remain profitable thanks to the high production of 3.5 million ounces per year. So 1,100 are the costs. If you add the debt on it, barely profitable. However, if gold prices double, Anglo Gold Ashanti will be the big winner. So you can have a small part of your portfolio in such a company, and it compensates for having a pretty big part in another company, I don't know, like Barrick, which has much lower costs and similar, a little bit higher production, but not that much higher. As you can see, Anglo Gold's stock really performed very badly in the last five years because of its high costs. Sia de Minas Buenaventura is a Peruvian precious metal producer. The company hasn't been profitable in the last years, and the ruling from Peruvian Core that forced affiliate investing, Cerro Verde, of which they own 19%, to pay 376 million doesn't help. Nevertheless, the company has revenues of 1.2 billion, much less than Anglo Gold, for example, produces about 600,000 ounces of gold, 20 millions of silver, in addition to significant zinc and copper production. The profits were 0.32 dollars per share, and BVN might be a turnaround story. If the management, and that's their goal, improves efficiency, they might bring earnings to 1 dollar per share, or cash flows to 1.5 in a really good scenario, and that would, just that, would give a price to cash flow ratio of 10, which is a little bit high from me. And as you can see here, the stock was trading below 5 just two years ago, and now it's above 15, while not much has really changed on the upside. There hasn't been a huge increase in profitability, just the company will survive. Evolution mining, the price to cash flow is 7.14, the dividend is 1.75%, operates five mines in Australia, and has a share of a very promising development project, the Ernest Henry. The company has produced 844,000 gold ounces in 2017, and guides for 750,000 in 2018, all in sustaining costs of 850. The group reserve life is 9 years. The key with such smaller miners is to understand the business model. With EVN, it's all about exploration and expanding current deposits, which is always a risk, but also provides much upsides if they find new deposits and deliver on putting them into production. As Australia is famous for its mining, there is still plenty of gold. If they find additional ore bodies, then they will do well. For now, they have eight years of production, a dividend of 1.75%, check the Australian taxes on that, and then you will see if it is interesting, and if you want to have exposure to an Australian miner. Goldfields, another very interesting company, price to cash flow is just 4.37, the dividend yield is 1.74%, and Goldfields is another company that has produced more than 2 million ounces of gold in 2017, almost three times what evolution will produce. Again, we have high all-in sustaining costs, and that's the key for the low price to cash flow, because in addition to high costs, Goldfield has a total debt of 3 billion, net debt is around 1.4 billion, but there will be need for refinancing in 2019. The forecast for Goldfield is that it produces a little bit more gold in the future, and it lowers its debt burden and cost, so the story might look good. If gold prices increase, then Goldfield is a stock that would explode. The price to book value is 1.03, trailing cash flows are 700 million, but the free cash flow is just 100 million, as the company is heavily investing. The main project is the South Deep, one of the biggest mines in South Africa that's expected to produce for the next 70 years, but there are high costs. If Goldfields manages to lower production costs there, then it's a winner. So this is the stock I will look deeper into, because I'm interested to see what's the risk reward, because the market perceives the risk and underprices perhaps. I will have to still dig into, so follow the channel, subscribe, and you will get more information about that. Yamana Gold dividend yield is 0.63%, price to cash flow low 6.16, price to book value just 0.67. The issue is that Yamana has a lot of debt, 1.6 billion, it's close to maybe breaching its debt covenants, and if all doesn't go according to plan, it might need some new financing in the short term. That's why the stock might look cheap, that's the risk reward. If it looks bad, I don't know yet, this is just an overview. Again, relatively high, all-in sustaining costs for the metals so highly leveraged to gold prices in addition to the debt it has. Kirkland Gold is one of the best performers in 2017 as the management delivered on its promises, and this shows what are the returns if a development project succeeds according to plan. The key to the success word increases in production and improved reserves thanks to exploration and acquisition. However, Kirkland had a price to cash flow ratio of 6 back in December of 2016, which shows again how the market discounts future production until it's actually confirmed, something to dig deeper into. The book value is already higher 2.23, the price to cash flow is already higher at 11, the company is debt-free and it will continue to buy back shares. B2Gold Corporation is globally diversified across not-that-stellar jurisdictions, Philippines, Burkina Faso, Namibia, Mali, Colombia and Nicaragua. The company expects to increase production by 50% by ramping up the Focola mine in Mali. If the grades are there, again, delivering on the promises will make the stock explode. Price to cash flow is high at 15, but what will happen if the Focola starts producing at low or in-sustaining costs of approximately 800 as the company expects? So, if you want growth, look deeper into what the Focola mine will produce in the future. Nordrenstar is another company that delivered in the last few years by increasing production and increasing reserves. The company has no debt, the price to cash flow was 10, a relatively high price to book of 5.5. The plan is to slowly grow production organically and lower costs which should lead to better margins. All in-sustaining costs are around 930, so again, if gold prices go higher, this company is less leveraged because it doesn't have debt. IAMgold has relatively high mining costs, again above 1000 per ounce. The management expects to increase production by 20% up to 2020 and bring all in-sustaining costs down to 900. The relatively high mining costs make this a leveraged to gold prices play. Cibaina was a South African gold producer, platinum palladium producer that recently acquired a steelwater project, again a platinum palladium miner in the US. They have relatively high mining costs of 1100 as the gold is mined in South Africa. The company has acquired steelwater because it believes platinum and palladium are in the cyclical downturn and they have really paid a lot, 2.2 billion of which they have 1 billion in debt raised, 1 billion in equity, so they have really diluted a little bit of ownership and increased their risk by taking on much more debt. In December, they further bought a platinum play in South Africa to consolidate their ownership there, the lawnmine for 382 million. The market really didn't like the developments as the stock is down 75% from its 2016 highs. I must agree here with the market, I don't like platinum if there will be a recession, car companies will lower production, lower purchases and platinum might severely get hit as it's mostly used in the catalyzators or however you say that in cars. So it might be a cyclical with a lot more upside and that's why I find it risky and taking so much debt with so high gold prices makes this a very risky play. However, if it turns out positive, if you believe that platinum prices will increase, then it might be a great bet, I haven't digged that deep. So to conclude, really these miners offer a lot more leverage, so if you are ready to rebalance accordingly, you don't have to own 5 or 10% of your portfolio, you might own just 3-4% and have a gold hedge in your portfolio. If you lose everything, you lose just 2-3%, not 5 or 10 or 15 or 20 if you own physical gold. That's the story, I hope you liked some of the companies, we'll be digging deeper into some that I find interesting, be ready to see here and there more research about the interesting companies that I am finding. The lower we go on the Veneq list, the more interesting companies we will find because the market is not so much focused on them, so we as retail investors might have some advantages. Thank you for watching, looking forward to a comment, something that we missed on these companies, share it with us, we are here to learn and invest together. See you in the next video!