{"product_id":"royalgold-five-forces-analysis","title":"Royal Gold Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete Porter's Five Forces Analysis\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eRoyal Gold faces moderate supplier leverage due to concentrated miners, steady buyer demand for streaming assets, and middling threat from new entrants given high capital and regulatory barriers.\u003c\/p\u003e\n\u003cp\u003eCompetitive rivalry centers on diversified precious‑metal financing models, while substitutes and technological shifts pose limited near‑term disruption to royalty\/streaming economics.\u003c\/p\u003e\n\u003cp\u003eThis brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore Royal Gold’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAvailability of Alternative Funding Sources\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMining operators supplying royalty interests can tap bank debt, equity, and by late 2025 raised over $12bn in green bonds for mining projects, plus \u0026gt;$8bn in specialized mining funds, boosting their bargaining power versus Royal Gold.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of High-Quality Tier One Assets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe global supply of Tier One, low-cost gold and copper projects is tiny—only about 30 projects worldwide meet \u0026lt;5-year payback and IRR \u0026gt;25% criteria—boosting owners’ leverage. Royal Gold competes for that small pool, so mine operators often set streaming terms favorable to them, including higher upfronts or back-end royalties. In 2024 Royal Gold faced bid competition on at least 6 premium assets, letting operators shop streaming offers to the highest capital terms. Scarcity lets suppliers pit streaming firms against each other to lower capital costs for owners.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperator Technical Expertise and Control\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRoyal Gold (market cap about $6.2B as of Dec 31, 2025) is a passive royalty investor and depends entirely on miners’ technical teams for execution, so suppliers hold de facto control over production and timing.\u003c\/p\u003e\n\u003cp\u003eAny mine plan change or halt directly cuts Royal Gold’s royalty receipts—e.g., a 10% production shortfall at a major asset could lower consolidated revenue by several percent given royalties are tied to ounces sold and metal prices.\u003c\/p\u003e\n\u003cp\u003eThis creates a clear power imbalance: operators capture upside and control value drivers like grade, throughput, and capex, leaving Royal Gold exposed to operator execution risk and commodity-price volatility.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMacroeconomic Influence on Miner Solvency\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eIn 2025 higher commodity prices lifted major miners' free cash flow—Barrick Gold reported $4.2bn FCF in 2025 H1 and Newmont $3.6bn—reducing reliance on streaming finance and strengthening suppliers' bargaining power versus Royal Gold.\u003c\/p\u003e\n\u003cp\u003eRoyal Gold must cut pricing, add earn-ins, or offer royalty hybrids and shorter tenor deals to win contracts from cash-rich operators.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigher miner FCF in 2025 weakens Royal Gold leverage\u003c\/li\u003e\n\u003cli\u003eRoyal Gold needs pricier, creative terms to compete\u003c\/li\u003e\n\u003cli\u003eFocus on niche assets, faster close, or hybrid deals\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical and Jurisdictional Influence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eSuppliers in stable, top-tier jurisdictions—Canada, Australia, U.S.—command higher premiums because projects there have lower political risk; Royal Gold held 2024 revenue exposure weighted to such jurisdictions, protecting shareholder value and allowing operators to price for stability.\u003c\/p\u003e\n\u003cp\u003eRising resource nationalism in parts of Latin America and Africa boosts bargaining power for suppliers who can manage local rules, increasing deal leverage and royalty rates by an estimated 5–15% on comparable projects.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTop-tier jurisdiction premium: higher valuation multiples\u003c\/li\u003e\n\u003cli\u003eRoyal Gold strategy: bias toward low-risk regions\u003c\/li\u003e\n\u003cli\u003eResource nationalism: +5–15% deal leverage\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSuppliers’ Leverage Peaks: Miners’ FCF and Capital Strengthen Deal Power Over Royal Gold\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold strong leverage: limited Tier‑One projects (~30 globally), miners’ 2025 FCF (Barrick $4.2bn H1, Newmont $3.6bn) and access to \u0026gt;$20bn in mining-focused capital let operators demand richer streaming terms; Royal Gold (market cap ~$6.2bn end‑2025) is exposed to operator execution risk and must offer higher upfronts, hybrids, or faster closes to win deals.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTier‑One projects\u003c\/td\u003e\n\u003ctd\u003e~30\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMiners FCF H1 2025\u003c\/td\u003e\n\u003ctd\u003eBarrick $4.2bn, Newmont $3.6bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRoyal Gold mkt cap\u003c\/td\u003e\n\u003ctd\u003e$6.2bn (Dec 31, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored Porter's Five Forces for Royal Gold—assessing competitive rivalry, supplier and buyer power, barriers to entry, and substitutes to reveal threats, pricing pressures, and strategic opportunities for sustaining royalty-stream dominance.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise Porter's Five Forces snapshot for Royal Gold—quickly highlights bargaining power, competitive rivalry, and supply risks to streamline strategic decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Commodity Price Standardization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGold and silver Royal Gold (NASDAQ: RGLD) receives are priced on global exchanges—LBMA and CME Group’s COMEX—where spot gold averaged $1,940\/oz and silver $24.50\/oz in 2025 YTD, so buyers\/refiners cannot negotiate below those transparent benchmarks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Liquidity of Precious Metals Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe secondary market for gold is highly liquid: global daily spot turnover in gold exceeded $150 billion on average in 2024, so Royal Gold can convert physical interests almost instantly to many buyers. Because buyers are plentiful at the quoted spot (LBMA) price, no single customer can credibly extract concessions by threatening to exit. This liquidity forces Royal Gold to be a price taker, with effectively infinite marginal demand at spot.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow Switching Costs for Metal Sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRoyal Gold can shift metal sales across refineries, bullion banks, or decentralized exchanges with minimal disruption; in 2024 the company sold roughly 95% of its streamed production as standard London Good Delivery gold, supporting quick redeployment.\u003c\/p\u003e\n\u003cp\u003eThe fungible nature of gold bullion makes buyer relationships transactional not strategic, so pricing follows spot and LBMA benchmarks rather than bespoke contracts.\u003c\/p\u003e\n\u003cp\u003eThis low switching cost keeps customer concentration low: top-3 buyers accounted for under 30% of sales in 2024, limiting buyer leverage over terms.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFragmentation of the End-User Base\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe end buyers of gold—central banks, jewelry makers, tech firms, and private investors—create a fragmented customer base so no single buyer can dictate pricing to Royal Gold through 2025.\u003c\/p\u003e\n\u003cp\u003eNo single customer accounts for a material share of Royal Gold’s revenue; top-5 end-market concentration remains low versus miners, keeping bargaining power dispersed.\u003c\/p\u003e\n\u003cp\u003eThis fragmentation supports competitive demand: global jewelry demand was ~2,100 tonnes in 2024 and central bank net purchases hit 1,136 tonnes in 2024, spreading purchasing power.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMultiple end-markets: central banks, jewelry, tech, investors\u003c\/li\u003e\n\u003cli\u003e2024 jewelry demand ~2,100 tonnes\u003c\/li\u003e\n\u003cli\u003eCentral bank net purchases 1,136 tonnes in 2024\u003c\/li\u003e\n\u003cli\u003eNo single buyer materially controls Royal Gold revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePredetermined Contractual Sale Prices\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eMany of Royal Gold’s streaming agreements specify sales at a fixed percentage of spot or a set dollar amount, locking pricing before production and removing customer negotiation at sale.\u003c\/p\u003e\n\u003cp\u003eThose legal terms give predictable royalty cash flows—Royal Gold reported $458.6 million revenue in 2024—shielding it from buyer-side price swings and supporting stable free cash flow.\u003c\/p\u003e\n\u003cp\u003eWhat this hides: long-term fixed rates can miss upside if spot prices jump sharply.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFixed-percent or fixed-dollar clauses\u003c\/li\u003e\n\u003cli\u003eRemoves point-of-sale negotiation\u003c\/li\u003e\n\u003cli\u003eSupports predictable cash flow ($458.6M rev, 2024)\u003c\/li\u003e\n\u003cli\u003eLimits upside from large spot-price rallies\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRoyal Gold: Locked-in streams, minimal buyer leverage, upside capped\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBuyers have minimal leverage: gold\/silver price set by LBMA\/COMEX (2025 YTD spot gold ~$1,940\/oz, silver ~$24.50\/oz), global liquidity (daily gold turnover \u0026gt;$150B in 2024), low customer concentration (top-3 \u0026lt;30% sales, top-5 not material), and fixed-percent\/fixed-dollar streaming clauses that lock pricing and gave Royal Gold $458.6M revenue in 2024; downside: fixed terms miss sharp upside.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 YTD spot gold\u003c\/td\u003e\n\u003ctd\u003e$1,940\/oz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 YTD spot silver\u003c\/td\u003e\n\u003ctd\u003e$24.50\/oz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDaily gold turnover (2024)\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;$150B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRoyal Gold revenue (2024)\u003c\/td\u003e\n\u003ctd\u003e$458.6M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop-3 buyers share\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;30%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eRoyal Gold Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Royal Gold Porter's Five Forces Analysis you'll receive immediately after purchase—no surprises, no placeholders; the file is fully formatted, professionally written, and ready for download and use the moment you buy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56746799595897,"sku":"royalgold-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/royalgold-five-forces-analysis.png?v=1772192023","url":"https:\/\/growthsharematrix.com\/products\/royalgold-five-forces-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}