high level of diversification. we will continue to amortize down. >> we are speaking the tony jensen, the president of royal gold. he is joining me with my colleague, su keenan, here in new york. gold has gained almost 9.5% this year. that gain andut how the uneven economic recovery is playing a role in that. about three years since gold hit its highest point in september. i think we were just a little over $1900 an ounce. gold has actually retreated about $600 an ounce since that time. over the last 12 months, the market has found a lot of stability right around $1250 of to $1300 an ounce. anything lower than that price is pretty difficult for a lot of the myers to continue to operate. the stability here makes sense. and continuerward to see a rather soft monetary policy here and other places around the world, i think that is the real impetus and driver for gold in the future. >> let's talk about the driver for your profits at your company. you are a very small staff of 20. you have a market cap of close to $5 billion. some would call your company the smallest, richest royalty from they'
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