India, Aug. 23 -- There is a common perception that the royalty-and streaming-companies are defensive in a bear market but that you don't want to own them in a bull market since they lack leverage. We disagree and think the major royalty companies should continue to form cornerstones of a precious metals portfolio in a bull market.No doubt we do not expect any of the major royalty companies to be the very top-performing stock in a precious metals portfolio during a bull market. But:-- Royalty companies have plenty of leverage from expansions at existing mines and new mines coming into production on higher gold prices the royalty company contributes no additional capital to see a dormant asset start generating revenue.-- Royalty companies co...