# Royal Gold: Copper Shield or Cheap Royalty?

> Royal Gold's copper shield is weak; its royalty model offers better value than peers.
- Title: Royal Gold: Copper Shield or Cheap Royalty? · Seekingalpha
- Summary: Royal Gold's copper shield is weak; its royalty model offers better value than peers. Royal Gold is cheaper than peers at 1.67x risked asset value with debt…
- Keywords: royal gold, copper, royalty company, debt cut, price target, buy rating, money, business, Royal, Gold, Shield, Cheap
- Source: Seekingalpha — https://seekingalpha.com/article/4958010-royal-gold-i-looked-for-a-copper-shield-and-found-a-cheap-royalty-book
- Author: The Bullionaire
- Published: 2026-10-27T17:40:15+00:00
- Read time: 1 min
- Topics: royal gold, copper, royalty company, debt cut, price target, buy rating, money, business
## Gold Falls, Royal Gold Drops
Gold has fallen a fifth from its peak, Royal Gold has followed it down, and the P/E is still 25.
## Copper Shield Test
Copper is 8% of revenue and barely moves my valuation, so the popular defence is weak.
## Real Cushion
A low fixed cost per ounce, debt cut to $150 million, and first buybacks in company history.
## Value Comparison
At 1.67x my risked asset value, Royal Gold is cheaper than Franco-Nevada, Elemental, and Wheaton.
## Buy Rating
I rate RGLD a Buy with a $283 price target, 2.0x my risked value, and about 20% above the 19 October close.
## Key takeaway

Royal Gold is cheaper than peers at 1.67x risked asset value with debt cut to $150 million.