Jun. 17 at 1:39 PM
$WPM Gold up 5.8% over five days, WPM up 13.9% over the same window: the royalty book is outrunning the metal it tracks, which is either justified leverage or a crowding premium about to compress. The model's score fell from 97 to 92, and the rating sits at HOLD, so the model already reads this as less of a free ride than it was a week ago. The invalidation is straightforward: gold stalls at
$4,345.8 or pulls back on any genuine de-escalation, and a royalty name running at 2.4x the metal's pace hands that gap back fast.
