In May we laid out the case that a new cyclical bull market in gold had begun - Win-Win Case for a Bull Market in Gold – Part 1. As an advisor or individual, you may be looking for a lower risk way to invest in gold. One relatively unknown yet very attractive way we invest in gold is through precious metal royalty companies or “streamers.” These companies possess a simple and profitable business model that captures the benefits from investing in gold while minimizing the drawbacks. Streaming and royalty companies (both referred to as “streamers” in the rest of this article) provide early stage financing specifically for mine development. It may be helpful to think of them as providing venture capital or banking services to the mining industry. They receive either a royalty payment on future production or a “stream” as an exchange for an upfront cash investment. A stream is the right to purchase a percentage of future production at a very low fixed price for the life of the mine. In simple terms, streamers share in the success of mining projects without incurring any of the operating risks. Even a skeptical Mark Twain would be impressed with this novel mining investment model.