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Referensi
Riset, data pasar, dan sumber eksternal yang dikutip di seluruh whitepaper.
International Council on Mining and Metals (ICMM). (2026). International Council on Mining and Metals (ICMM). Diakses dari Responsible Mining : https://www.icmm.com/en-gb/mining-metals/responsible-mining
ACI World Wide. (2025). 2025 ACI Speedpay Pulse Report. Diakses dari ACI World Wide: https://www.aciworldwide.com/aci-speedpay-pulse-report
Alia, A. B. (2025, Desember 5). Economics. Diakses dari World Atlas: https://www.worldatlas.com/industries/the-world-s-entire-gold-supply-above-and-below-ground.html#:~:text=What%20remain s%20underground%20is%20smaller,gold's%20reputation%20still%20carries%20power.
Andrews, C. (2026, Februari 10). Permitting for new mining projects Beyond mine closure. Diakses dari GHD: https://www.ghd.com/en-sg/insights/permitting-for-new-mining-projects
Belder, D. (2025, September 19). Diakses dari Investing News Network: https://investingnews.com/gold-royalty-streaming-stocks/
Blaufelder, C., Levy, C., Mannion, P., & Pinner, D. (2021, Januari 29). A Blueprint for Scaling Voluntary Carbon Markets to Meet the Climate Challenge. Diakses dari McKinsey Sustainability: https://www.mckinsey.com/capabilities/sustainability/our-insights/a-blueprint-for-scaling-voluntary-carbon-markets-to-meet-th e-climate-challenge
Carbon Planet . (2026). Diakses dari Carbon Planet: www.carbonplanet.io
Charles, R. (2026, Februari 8). Smart Money's Gold Mining Play: Why Miners Beat Bullion. Diakses dari Crux Investor: https://www.cruxinvestor.com/posts/smart-moneys-gold-mining-play-why-miners-beat-bullion
Coin Gecko. (2026, Maret 7). Global Cryptocurrency Market Cap Charts. Diakses dari Coin Gecko: https://www.coingecko.com/en/charts#:~:text=The%20global%20cryptocurrency%20market%20cap,a%20Bitcoin%20dominanc €%200f%2056.58%25.
Convention on Biological Diversity Sunbird . (2022, Desember 19). Kunming-Montreal Global Biodiversity Framework. Diakses dari UN Environment Programme: https://www.unep.org/resources/kunming-montreal-global-biodiversity-framework Cuccinello, H. (2025, Juli 21). How wealthy investors bet on gold, from buying fractions of a bar to stashing bullions in Swiss military bunkers-turned-vaults. Diakses dari CNBC: https://www.cnbc.com/2025/07/21/gold-invest-bars-bullions.html DealStream. (2026). Industry Guides. Diakses dari DealStream: https://dealstream.com/industry-guides/gold-mines/rules-of-thumb
Dehkordi, M. M., Nodeh, Z. P., Dehkordi, K. S., Salmanvandi, H., Khorjestan, R. R., & Ghaffarzadeh, M. (September 2024). Soil, Air, and Water Pollution from Mining and Industrial Activities. Results in Engineering, Volume 23. Diakses dari https://doi.org/10.1016/j.rineng.2024.102729
Diaz, S., Castillo, E., Mery, N., & Munizaga-Rosas, C. (2025). Analyzing mineral exploration efficiency: too little for too much? Evidence from project valuations and implied discovery probabilities. Mineral Economics, https://doi.org/10.1007/s13563-025-00539-1.
Ensombl. (2025). How much gold should your clients hold? . Diakses dari Ensombl: https://ensombl.com/articles/how-much-gold-should-your-clients-hold/
EY. (2026, April). Futures Reimagined Understand the megatrends shaping new futures in a world of change EY Megatrends 2026 and beyond. Diakses dari EY: https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/campaigns/megatrends/documents/ey-gl-megatrends-2026-re port-04-2026.pdf
Farmonaut. (2025). Diakses dari Farmonaut: https://farmonaut.com/mining/cost-of-mining-gold-per-ounce-bauxite-cost-per-ton-2025
Farmonaut. (2026). Gold Royalty Firms: Metalla & Junior Companies 2026 - Strategies, Risks & Growth in the Evolving Mining Sector. Diakses dari Farmonaut: https://farmonaut.com/mining/gold-royalty-firms-metalla-junior-companies-2026
Fulp, M. (2015). The Real Value of Gold in the Ground (with Cipher Research) .
Getchell Gold. (2023, Februari 15). Diakses dari Ahead of the Herd: https://aheadoftheherd.com/getchell-gold-a-case-study-of-gold-in-the-ground-richard-mills/
Gilbert, A. (2026, February 2024). What Acquirers Actually Pay for Gold in the Ground. Diakses dari Gilbert Analytics: https://gilbertanalytics.substack.com/p/what-acquirers-actually-pay-for-gold
Gold Fields Limited . (2024). Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report 2024. Gold Fields Limited .
Gordon, M. (2024, Juli 6). Diakses dari Crux Investor: https://www.cruxinvestor.com/posts/how-to-value-gold-mining-companies-in-2024-insider-tips-from-industry-experts
Government of Canada. (2025, Juni 25). Mining and mineral resource development in Canada. Diakses dari Government of Canada: https://natural-resources.canada.ca/minerals-mining/canadian-mineral-exploration
Greenwood, M. (2024, September 30). Juniper Research . Diakses dari Which Countries Are Leading Digital Wallet Adoption in 2024?: https://www.juniperresearch.com/resources/infographics/which-countries-are-leading-digital-wallet-adoption-in-2024/ Hayes, A. (2025, Desember 11). Understanding the Dynamics Behind Gold Prices. Diakses dari Investopedia: https://www.investopedia.com/financial-edge/0311/what-drives-the-price-of-gold.aspx
Holmes, F. (2023, September 25). Evaluating Opportunities in Gold and the Junior Mining Sector. Diakses dari US Global Investors: https://www.usfunds.com/resource/evaluating-opportunities-in-gold-and-the-junior-mining-sector/
Holmes, F. (2025, Mei 12). Gold Goes Full Reserve Asset as Basel III Elevates It to Tier 1 Status. Diakses dari US Investors: https://www.usfunds.com/resource/gold-goes-full-reserve-asset-as-basel-iii-elevates-it-to-tier-1-status/
How Much Gold Is Left in the World? (2025, Oktober 28). Diakses dari J. Rotbart & Co.: https://jrotbart.com/how-much-gold-is-left-in-the-world/
HSBC. (2025, Desember 2). How sustainability is unlocking a new era of business growt. Diakses dari Business HSBC: https://www. business.hsbc.com/en-gb/insights/how-sustainability-is-unlocking-a-new-era-of-business-growth
In Gold We Trust. (2026). Nuggets. Diakses dari In Gold We Trust: https://ingoldwetrust.report/nuggets/royalty-streaming-companies-an-excellent-way-of-investing-in-gold/?lang=en
INN. (2018, Oktober 23). Tools for Assessing Undervalued Junior Gold Stocks. Diakses dari Investing News Networks: https://investingnews.com/innspired/tools-for-assessing-undervalued-junior-gold-stocks/
International Council on Mining and Metals Limited (ICMM). (2025, September 3). Global Mining Dataset: Understanding the global distribution of mining and metals facilities. Diakses dari International Council on Mining and Metals Limited (ICMM): https://www.icmm.com/en-gb/research/data/2025/global-mining-dataset
Invest in Gold. (2023, September 21). Brownfield vs Greenfield Mineral Exploration. Diakses dari Invest in Gold: https://investingold.ca/2023/09/21/brownfield-vs-greenfield-mineral-exploration-a-comparative-analysis/
Jackson, L. (2026). Why is physical gold not held in every investment portfolio? Diakses dari Intelligent Partnership: https://intelligent-partnership.com/why-is-physical-gold-not-held-in-every-investment-portfolio/
JP Morgan Chase. (2025, Agustus 27). Crypto investor waves since 2017: What retail investor behavior reveals about digital asset adoption. Diakses dari JP Morgan Chase: https://www.jpmorganchase.com/institute/all-topics/financial-health-wealth-creation/crypto-investor-waves-since-2017-what-r etail-investor-behavior-reveals-about-digital-asset-adoption
Jury, S. (2026, Febuary 9). /s it a Golden Era for Gold? Diakses dari Private Bank, JP Morgan: https://privatebank.jpmorgan.com/eur/en/insights/markets-and-investing/is-it-a-golden-era-for-gold
Kroger, D. (2024). Stonex Digital Asset Weekly Commentary - Blockchain Gaming. Diakses dari Stonex: https://www.stonex.com/en/market-intelligence/stonex-digital-asset-weekly-commentary-blockchain-gaming/
Lezak, S., & Smith School of Enterprise & Environment, Universi. (2022, Desember 20). Stop Mining for New Gold, Say Oxford Researchers. Diakses dari Smith School of Enterprise and Environment : https://www.smithschool.ox.ac.uk/news/stop-mining-new-gold-say-oxford-researchers
Long Wave Financial. (2026, Januari ). The Intersection Between SDG and ESG. Diakses dari Long Wave Financial : https://www.longwavefinancial.com/sustainable-financial-advisor-blog/sdg-and-esg#:~:text=At%20first%2C%20these%20appro aches%20seemed,are%20now%20deeply%20connected.%20Global
Mills, R. (2024, September 19). Metals security of supply depends on junior resource companies. Diakses dari Mining.com: https://www.mining.com/metals-security-of-supply-depends-on-junior-resource-companies/
Money Terms UK. (n.d.). /n-Situ Value. Diakses dari Money Terms UK: https://moneyterms.co.uk/in-situ-value/
Monica, L., & Pratama, R. (2026, Februari 7). India is the world's largest holder of gold. Why is that? Diakses dari IDN Financials: https://www.idnfinancials.com/news/61157/india-is-the-worlds-largest-holder-of-gold-why-is-that#:~:text=JAKARTA%20%2D%2 Olndian%20households%20are%20now, of 620about%20US%242.4%20trillion.
Naran, B., Shankar, V., de Aragao Fernandes, P., Dixon, J., Burnett, J., Abraham, S., ... Buchner, B. (2025, June 2023). Global Landscape of Climate Finance 2025. Diakses dari Climate Policy Initiative: https://www.climatepolicyinitiative.org/publication/global-landscape-of-climate-finance-2025/
NASDAQ. (2024). Behind the Success of Some Gen X Crypto Investors. Diakses dari NASDAQ: https://www.nasdaq.com/articles/behind-the-success-of-some-gen-x-crypto-investors
Neufeld, D., & Visual Capitalist. (2025, November 30). Visualizing the World’s Total Supply of Gold. Diakses dari Visual Capitalist : https://www.visualcapitalist.com/worlds-total-supply-of-gold/
O'Brient, S. (2025 , Oktober 11). With gold at records, here's how much finance pros say you should have in your portfolio. Diakses dari Yahoo Finance: https://finance.yahoo.com/news/gold-records-heres-much-finance-171502169.html
Pistilli, M. (2024, September 19). What are Junior Miners and Are They a Good Investment? Diakses dari Investing News Network: https://investingnews.com/daily/resource-investing/how-spot-best-junior-mining-stocks-investing/
Royal Mint. (2022). The Royal Mint reveals that young people are set to invest £9.4 billion as alcohol, travel and fast fashion take a back seat. Diakses dari Royal Mint: https://www.royalmint.com/invest/discover/invest-in-gold/the-royal-mint-2022-gen-z-investment-report/
Schmidt, L. (2025, Juni 15). Junior vs. Senior Mining Stocks: Differences for Investors. Diakses dari Gold Invest: https://goldinvest.de/en/insights/junior-vs-senior-mining-stocks-differences-for-investors/
Singh, S. (2026, Februari 5). Global Crypto Adoption Stats 2026 (By Country Data). Diakses dari Demand Sage : https://www.demandsage.com/crypto-adoption-statistics/
Small Cap Investor. (2025, Mei 16). Gold Is Breaking Records - But Junior Developers Remain Deeply Discounted. Diakses dari Small Cap Investor: https://smallcapinvestor.ca/gold-is-breaking-records-but-junior-developers-remain-deeply-discounted/ SpaceNus. (2025). Investing in Carbon Projects in 2025: What You Should Know. Diakses dari SpaceNus: https://www.spacenus.com/blog/investing-in-carbon-projects-in-2025-what-you-should-know
Sprott. (2026, Jnauary 1). How Much Gold Should | Own in My Portfolio? Diakses dari Sprott: https://sprott.com/media/qhzpcit4/how-much-gold-should-i-own.pdf
Team, C. (2025). Mining Asset Valuation Techniques. Diakses dari Corporate Finance Institute: https://corporatefinanceinstitute.com/resources/valuation/mining-asset-valuation-techniques/
Technology Minerals PLC. (2025). Resurgence of the Junior Miners for Key Metals. Diakses dari Technology Minerals PLC: https://www.technologyminerals.co.uk/published/resurgence-of-the-junior-miners-for-key-metals#:~:text=Globally%2C%20ther e%20are%20o0ver%203000,fewer%20than%2050%20major%20miners.
The Business Research Company . (2026, Januari). Impact Investing Market Report 2026. Diakses dari The Business Research Company : https://www.thebusinessresearchcompany.com/report/impact-investing-global-market-report
The Future Laboratory. (2025). A New Golden Age: Imagining The Future of Digital Gold. London : The World Gold Council. Thiessen, R. (2006). Evaluating development stage mining companies. Mining, 3-4.
Thomasson, E. (2025, September 5). Major Dutch pension fund withdraws from BlackRock, L&G in sustainability push. Diakses dari Green Central Banking: https://greencentralbanking.com/2025/09/05/major-dutch-pension-fund-withdraws-from-blackrock-lg-in-sustainability-push/ Trench, A., Baur, D., Ulrich, S., & Sykes, J. (2024, Juli 12). Gold Production and the Global Energy Transition-A Perspective. Diakses dari https://doi.org/10.3390/su16145951
Triple A. (2024). Digital Currency Ownership Data. Diakses dari Triple A: https://www.triple-a.io/cryptocurrency-ownership-data
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Vantage Markets Editorial Team. (2024 , Agustus 5). Why is Gold Valuable? Diakses dari Vantage Markets: https://www.vantagemarkets.com/academy/why-is-gold-valuable/
Venditti, B. (2025, November 5). Elements. Diakses dari Visual Capitalist: https://elements.visualcapitalist.com/visualizing-how-much-gold-is-left-to-mine-on-earth/
Webb, A. (2026). LBMA. Diakses dari Alchemist: https://www.|bma.org.uk/alchemist/issue-100/gold-production-over-the-past-and-next-25-years
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World Gold Council. (2025, Februari 11). Above-ground stock. Diakses dari www.gold.org: https://www.gold.org/goldhub/data/how-much-gold
World Wildlife Foundation. (2021). The Impact of Gold. Diakses dari WWF: https://www.wwf.ch/sites/default/files/doc-2021-11/2021 WWF The%20Impact%200f%20Gold.pdf