{"id":5169,"date":"2025-10-30T12:09:46","date_gmt":"2025-10-30T12:09:46","guid":{"rendered":"https:\/\/www.investaz.com.tr\/blog\/?p=5169"},"modified":"2025-11-24T14:15:05","modified_gmt":"2025-11-24T14:15:05","slug":"altin-gumus-tarihi-zirvelerinin-borsa-istanbuldaki-bilanco-etkisi","status":"publish","type":"post","link":"https:\/\/www.investaz.com.tr\/blog\/altin-gumus-tarihi-zirvelerinin-borsa-istanbuldaki-bilanco-etkisi\/","title":{"rendered":"\u201cAlt\u0131n &#038; g\u00fcm\u00fc\u015f tarihi zirvelerinin\u201d Borsa \u0130stanbul\u2019daki bilan\u00e7o etkisi"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-rich is-provider-spotify wp-block-embed-spotify\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Spotify Embed: Alt\u0131n &amp; G\u00fcm\u00fc\u015f Tarihi Zirvelerinin Borsa \u0130stanbul\u2019daki Bilan\u00e7o Etkisi\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/3RkBJ8FkdsYgjqKd6CRPpQ?utm_source=oembed\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Do\u011frudan pozitif:<\/strong><br><strong>Koza Alt\u0131n (KOZAL)<\/strong> \u2192 sat\u0131\u015flar USD bazl\u0131, maliyetin \u00f6nemli k\u0131sm\u0131 TL; <strong>fiyat art\u0131\u015f\u0131 k\u00e2r marj\u0131na kald\u0131ra\u00e7 yapar.<\/strong><br><strong>Koza Anadolu (KOZAA)<\/strong> ve <strong>\u0130pek Do\u011fal (IPEKE)<\/strong> \u2192 KOZAL k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 <strong>\u00f6zkaynak y\u00f6ntemiyle<\/strong> konsolide ettikleri i\u00e7in <strong>dolayl\u0131<\/strong> pozitif.<br><strong>G\u00fcbreta\u015f Maden (S\u00f6\u011f\u00fct Alt\u0131n) \u2013 GUBRF\u2019nin i\u015ftiraki<\/strong> \u2192 \u00fcretim ramp-up ilerledik\u00e7e alt\u0131n fiyat\u0131na <strong>y\u00fcksek beta.<\/strong><br><strong>CVK Madencilik (CVKMD)<\/strong> \u2192 portf\u00f6y\u00fcnde <strong>alt\u0131n &amp; g\u00fcm\u00fc\u015f kayna\u011f\u0131<\/strong> bulunan projeler; \u00fcretim devreye girdik\u00e7e fiyat duyarl\u0131l\u0131\u011f\u0131 artacak (\u015fimdilik haz\u0131rl\u0131k\/karma portf\u00f6y).<\/li>\n\n\n\n<li><strong>Marj bask\u0131s\u0131 (negatif):<\/strong><br><strong>G\u00fcne\u015f paneli \u00fcreticileri (SMRTG vb.)<\/strong> \u2192 g\u00fcm\u00fc\u015f, PV mod\u00fcl maliyetinin ~<strong>%11\u201313\u2019\u00fc<\/strong>; g\u00fcm\u00fc\u015fte rekorlar <strong>br\u00fct marj\u0131 s\u0131kar<\/strong> (g\u00fcm\u00fc\u015f thrifting ile k\u0131smen telafi).<\/li>\n<\/ul>\n\n\n\n<p><strong>Hangi bilan\u00e7o kalemlerine bakmal\u0131?<\/strong><\/p>\n\n\n\n<p><strong>Gelir tablosu<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Net sat\u0131\u015flar (USD ba\u011flant\u0131l\u0131)<\/strong>: Alt\u0131n-g\u00fcm\u00fc\u015f fiyat\u0131 + \u21d2 birim sat\u0131\u015f geliri +.<\/li>\n\n\n\n<li><strong>Br\u00fct k\u00e2r &amp; br\u00fct marj<\/strong>: Maliyetler (enerji, i\u015f\u00e7ilik) b\u00fcy\u00fck \u00f6l\u00e7\u00fcde TL; <strong>fiyat art\u0131\u015f\u0131n\u0131n \u00f6nemli k\u0131sm\u0131 marja yans\u0131r<\/strong>.<\/li>\n\n\n\n<li><strong>Faaliyet k\u00e2r\u0131 (FAV\u00d6K)<\/strong>: Metal fiyat\u0131 kaynakl\u0131 kald\u0131ra\u00e7 burada g\u00f6r\u00fcn\u00fcr.<\/li>\n\n\n\n<li><strong>Net k\u00e2r<\/strong>: Kur fark\u0131\/giderler, vergi ve muhtemel t\u00fcrev etkileriyle ayarlay\u0131n.<\/li>\n<\/ul>\n\n\n\n<p><strong>Bilan\u00e7o<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Stoklar<\/strong>: Sat\u0131lmam\u0131\u015f dore\/cevher varsa <strong>yeniden de\u011ferleme etkisi<\/strong> olabilir.<\/li>\n\n\n\n<li><strong>Nakit &amp; net bor\u00e7<\/strong>: Nakit yarat\u0131m\u0131 h\u0131zlan\u0131rsa net bor\u00e7\/FAV\u00d6K d\u00fc\u015fer.<\/li>\n\n\n\n<li><strong>\u00d6zkaynak y\u00f6ntemi<\/strong> (KOZAA, IPEKE): KOZAL pay\u0131ndan gelen k\u00e2r art\u0131\u015f\u0131n\u0131 burada g\u00f6r\u00fcn.<\/li>\n<\/ul>\n\n\n\n<p><strong>Dipnotlar<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u00dcretim (ons) &amp; nakit maliyetler (AISC)<\/strong>: fiyat + \u2013 AISC \u2248 <strong>radyografidir<\/strong>.<\/li>\n\n\n\n<li><strong>Sat\u0131\u015f kontrat \u015fartlar\u0131<\/strong> (iskontolar, rafineri kesintileri), <strong>hedge<\/strong>\/forward var m\u0131?<\/li>\n<\/ul>\n\n\n\n<p><strong>\u015eirket bazl\u0131 etkiler<\/strong><\/p>\n\n\n\n<p><strong>A) Koza Alt\u0131n (KOZAL) \u2013 \u201cen y\u00fcksek beta, en temiz hik\u00e2ye\u201d<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1Y25\u2019de <strong>73.385 ons alt\u0131n<\/strong> ve <strong>34.020 ons g\u00fcm\u00fc\u015f<\/strong> \u00fcretimi a\u00e7\u0131klad\u0131 (1Y toplam). Y\u0131ll\u0131\u011fa vurursak ~<strong>146.8 bin ons alt\u0131n<\/strong> e\u015fleni\u011fi.<\/li>\n\n\n\n<li><strong>Basit duyarl\u0131l\u0131k:<\/strong> Alt\u0131n fiyat\u0131 <strong>her +100 $\/ons<\/strong> artt\u0131\u011f\u0131nda <strong>y\u0131ll\u0131k ek ciro \u2248 14,7 mn $<\/strong> (146.8k oz \u00d7 100 $).\n<ul class=\"wp-block-list\">\n<li>AISC ile fiyat fark\u0131 y\u00fcksek oldu\u011fu i\u00e7in bu art\u0131\u015f\u0131n <strong>b\u00fcy\u00fck k\u0131sm\u0131 FAV\u00d6K\/Net k\u00e2ra<\/strong> yans\u0131r (TL maliyet taban\u0131 etkisi).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>G\u00fcm\u00fc\u015f<\/strong> pay\u0131 k\u00fc\u00e7\u00fck ama rekor g\u00fcm\u00fc\u015f de art\u0131 yazar (34k oz H1; y\u0131ll\u0131k ~68k oz).<\/li>\n\n\n\n<li>Not: KOZAL\u2019\u0131n 2025 faaliyet raporlar\u0131nda sahalara g\u00f6re \u00fcretim ve maliyet ayr\u0131m\u0131 veriliyor; marj analizi i\u00e7in AISC band\u0131n\u0131 dipnotlardan takip etmek gerek.<\/li>\n<\/ul>\n\n\n\n<p><strong>Beklenti:<\/strong> Alt\u0131n\/g\u00fcm\u00fc\u015fte rekor ortam\u0131 s\u00fcrerse, <strong>br\u00fct marj ve FAV\u00d6K marj\u0131nda belirgin iyile\u015fme<\/strong>; net k\u00e2rda \u00e7ift haneli USD b\u00fcy\u00fcme olas\u0131l\u0131\u011f\u0131 y\u00fcksek.<\/p>\n\n\n\n<p><strong>B) Koza Anadolu (KOZAA) &amp; \u0130pek Do\u011fal (IPEKE) \u2013 \u201cKOZAL \u00fczerinden kald\u0131ra\u00e7\u201d<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>KOZAA, <strong>KOZAL\u2019da ~%44,6<\/strong> pay ta\u015f\u0131yor; KOZAL k\u00e2r\u0131ndaki art\u0131\u015f <strong>\u00f6zkaynak y\u00f6ntemiyle<\/strong> KOZAA\/IPEKE\u2019ye yans\u0131yor.<br><strong>Beklenti:<\/strong> KOZAL k\u00e2rl\u0131l\u0131\u011f\u0131 + \u21d2 KOZAA\/IPEKE konsolide net k\u00e2r\u0131 + (holding iskonto\/hisse say\u0131s\u0131 etkisiyle sulanma dikkate al\u0131nmal\u0131).<\/li>\n<\/ul>\n\n\n\n<p><strong>C) G\u00fcbreta\u015f \/ G\u00fcbreta\u015f Maden (S\u00f6\u011f\u00fct Alt\u0131n) \u2013 \u201cramp-up etkisi\u201d<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>S\u00f6\u011f\u00fct Alt\u0131n Madeni<\/strong> 2023\u2019te devreye al\u0131nd\u0131; <strong>ilk etap kapasite ~2,5 ton\/y\u0131l (~80.4k oz)<\/strong>, fazlarla <strong>6,5 ton\/y\u0131la (~210k oz)<\/strong> \u00e7\u0131kma hedefi payla\u015f\u0131ld\u0131.<\/li>\n\n\n\n<li>\u015eirketin 2025 ara d\u00f6nem raporunda proje faaliyette; \u00fcretim ayr\u0131nt\u0131lar\u0131 ve sat\u0131\u015f temposu dipnotlarda veriliyor.<\/li>\n<\/ul>\n\n\n\n<p><strong>Basit duyarl\u0131l\u0131k (ilk faz dolu h\u0131zda):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>+100 $\/oz <strong>= +8,0 mn $<\/strong> ek ciro\/y\u0131l (80.4k oz \u00d7 100).<\/li>\n\n\n\n<li>Faz-2\/3 devreye girdik\u00e7e bu <strong>+21,0 mn $\/100 $<\/strong> seviyesine kadar \u00e7\u0131kar (210k oz \u00d7 100).<br><strong>Beklenti:<\/strong> Ramp-up ile beraber <strong>FAV\u00d6K\/net k\u00e2r ivmesi<\/strong>; ancak ba\u015flang\u0131\u00e7ta amortisman ve finansman giderleri <strong>net k\u00e2r\u0131 geciktirebilir.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>D) CVK Madencilik (CVKMD) \u2013 \u201cpipeline opsiyon de\u011feri\u201d<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Portf\u00f6yde <strong>alt\u0131n 1.21 mn oz, g\u00fcm\u00fc\u015f 40 mn oz<\/strong> kaynak (UMREK 2024 raporu, Yenipazar\/Sar\u0131alan vb.); alt\u0131n e\u015fleni\u011fi <strong>3.47 mn oz<\/strong>. \u00dcretim safhas\u0131 projeye g\u00f6re de\u011fi\u015fiyor; alt\u0131n \u00fcretimi devreye girdik\u00e7e fiyat betas\u0131 belirginle\u015fecek.<br><strong>Beklenti:<\/strong> K\u0131sa vadede baz metaller (Pb-Zn-Cu) gelir k\u0131r\u0131l\u0131m\u0131 bask\u0131n; alt\u0131n\/g\u00fcm\u00fc\u015f \u00fcretimi devreye girdi\u011finde <strong>k\u00e2r betas\u0131<\/strong> h\u0131zla artar.<\/li>\n<\/ul>\n\n\n\n<p><strong>E) G\u00fcne\u015f paneli \u00fcreticileri \u2013 Smart G\u00fcne\u015f (SMRTG) \u00f6rne\u011fi \u2013 \u201cg\u00fcm\u00fc\u015f maliyeti bask\u0131s\u0131\u201d<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PV mod\u00fcl maliyetinde <strong>g\u00fcm\u00fc\u015f\u00fcn pay\u0131 ~%11\u201313<\/strong>; 2025\u2019te g\u00fcm\u00fc\u015f\u00fcn PV talebi rekor k\u0131rarken fiyat <strong>50 $\/oz e\u015fi\u011fine<\/strong> yakla\u015f\u0131nca \u00fcreticiler \u201cthrifting\u201d (g\u00fcm\u00fc\u015f y\u00fck\u00fcn\u00fc azaltma) stratejisini h\u0131zland\u0131rd\u0131.<br><strong>Beklenti:<\/strong> G\u00fcm\u00fc\u015fte kal\u0131c\u0131 y\u00fcksek seviye <strong>br\u00fct marjlar\u0131 a\u015fa\u011f\u0131 iter<\/strong>; kontrat\/esneklik yoksa k\u00e2rl\u0131l\u0131k bask\u0131lanabilir (k\u0131smen fiyatlara yans\u0131t\u0131l\u0131r).<\/li>\n<\/ul>\n\n\n\n<p><strong>&nbsp;\u201cH\u0131zl\u0131 hesap\u201d \u2013 metal fiyat\u0131 duyarl\u0131l\u0131k tablosu (y\u0131ll\u0131k, basit)<\/strong><\/p>\n\n\n\n<p>A\u015fa\u011f\u0131daki rakamlar <strong>\u00fcretim\/kapasite verilerine<\/strong> dayanarak <strong>mekanik art\u0131\u015f<\/strong> g\u00f6sterir; AISC, vergi, kur ve hedge etkileri <strong>yok say\u0131larak<\/strong> \u201ckabaca \u00fcst s\u0131n\u0131r\u201d ama\u00e7l\u0131d\u0131r.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u015eirket<\/strong><\/td><td><strong>Varsay\u0131lan Y\u0131ll\u0131k Alt\u0131n E\u015fleni\u011fi<\/strong><\/td><td><strong>+100 $\/oz Alt\u0131n Fiyat Art\u0131\u015f\u0131 \u2192 Ek Ciro (y\u0131ll\u0131k)<\/strong><\/td><td><strong>G\u00fcm\u00fc\u015f notu<\/strong><\/td><\/tr><tr><td><strong>KOZAL<\/strong><\/td><td>~146.8k oz (H1\u201925 y\u0131ll\u0131kland\u0131rma)<\/td><td><strong>\u2248 14,7 mn $<\/strong><\/td><td>H1\u2019de 34.0k oz Ag (y\u0131ll\u0131k ~68k oz) ek mini kald\u0131ra\u00e7.<\/td><\/tr><tr><td><strong>G\u00dcBRETA\u015e Maden (S\u00f6\u011f\u00fct)<\/strong><\/td><td>80.4k oz (Faz-1) \u2192 210k oz (tam)<\/td><td><strong>8,0 mn $<\/strong> \u2192 <strong>21,0 mn $<\/strong><\/td><td><\/td><\/tr><tr><td><strong>KOZAA \/ IPEKE<\/strong><\/td><td>KOZAL pay\u0131 \u00fczerinden<\/td><td><strong>KOZAL\u2019daki art\u0131\u015f \u00d7 pay oran\u0131<\/strong><\/td><td><\/td><\/tr><tr><td><strong>CVKMD<\/strong><\/td><td>\u00dcretim faz\u0131na ba\u011fl\u0131<\/td><td>Erken devrede s\u0131n\u0131rl\u0131; \u00fcretim ba\u015flad\u0131k\u00e7a \u2191<\/td><td>40 mn oz Ag kaynak potansiyeli; devreye ba\u011fl\u0131.<\/td><\/tr><tr><td><strong>SMRTG (PV)<\/strong><\/td><td>\u2013<\/td><td>\u2013<\/td><td><strong>G\u00fcm\u00fc\u015f + <\/strong><strong>\u21d2<\/strong><strong> Maliyet + (mod\u00fcl maliyetinin %11\u201313\u2019\u00fc)<\/strong> \u2192 br\u00fct marj -.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Not: <strong>Net k\u00e2r etkisi \u2248 Ek ciro \u2013 nakit maliyet art\u0131\u015f\u0131 \u2013 vergi<\/strong>. Alt\u0131n madencilerinde nakit maliyetler TL a\u011f\u0131rl\u0131kl\u0131 oldu\u011fundan <strong>her 100 $\/oz art\u0131\u015f\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc FAV\u00d6K\u2019e<\/strong> yans\u0131r; dolay\u0131s\u0131yla <strong>net k\u00e2r duyarl\u0131l\u0131\u011f\u0131 y\u00fcksek<\/strong>.<\/p>\n\n\n\n<p><strong>\u201cEn \u00e7ok kimde k\u00e2r s\u0131\u00e7rar?\u201d<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>KOZAL<\/strong> \u2013 \u00f6l\u00e7ek + d\u00fc\u015f\u00fck bor\u00e7 + TL maliyet taban\u0131 \u21d2 <strong>en y\u00fcksek anl\u0131k kald\u0131ra\u00e7<\/strong>.<\/li>\n\n\n\n<li><strong>G\u00dcBRETA\u015e Maden (S\u00f6\u011f\u00fct)<\/strong> \u2013 kapasite artt\u0131k\u00e7a \u201cikinci b\u00fcy\u00fck kald\u0131ra\u00e7\u201d; ilk y\u0131llarda amortisman\/finansman net k\u00e2r\u0131 t\u00f6rp\u00fcleyebilir.<\/li>\n\n\n\n<li><strong>KOZAA \/ IPEKE<\/strong> \u2013 KOZAL\u2019\u0131n \u201cproxy\u201dsi; <strong>holding iskonto<\/strong> dikkate al\u0131nmal\u0131.<\/li>\n\n\n\n<li><strong>CVKMD<\/strong> \u2013 \u201copsiyon de\u011ferli\u201d pipeline; \u00fcretim devreye girdik\u00e7e <strong>beta artar<\/strong>.<br>(5) <strong>PV \u00fcreticileri<\/strong> \u2013 g\u00fcm\u00fc\u015f rekoru <strong>negatif marj \u015foku<\/strong> (thrifting ile k\u0131smi koruma).<\/li>\n<\/ol>\n\n\n\n<p><strong>Son s\u00f6z \/ aksiyon notu<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>K\u0131sa vadeli kazan\u00e7 betas\u0131<\/strong> ar\u0131yorsan: <strong>KOZAL<\/strong>.<\/li>\n\n\n\n<li><strong>Orta vadeli kapasite hik\u00e2yesi<\/strong> ar\u0131yorsan: <strong>G\u00dcBRETA\u015e Maden (S\u00f6\u011f\u00fct)<\/strong> \u2192 GUBRF \u00fcst\u00fcnden etkisi.<\/li>\n\n\n\n<li><strong>Endirekt kat\u0131l\u0131m<\/strong> i\u00e7in: <strong>KOZAA \/ IPEKE<\/strong>.<\/li>\n\n\n\n<li><strong>G\u00fcm\u00fc\u015f rekoruna kar\u015f\u0131 hedge<\/strong>: alt\u0131n-g\u00fcm\u00fc\u015f korelasyonu y\u00fcksek ama PV \u00fcreticisi hisselerinde <strong>marj riski<\/strong> ak\u0131lda.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hangi bilan\u00e7o kalemlerine bakmal\u0131? Gelir tablosu Bilan\u00e7o Dipnotlar \u015eirket bazl\u0131 etkiler A) Koza Alt\u0131n (KOZAL) \u2013 \u201cen y\u00fcksek beta, en temiz hik\u00e2ye\u201d Beklenti: Alt\u0131n\/g\u00fcm\u00fc\u015fte rekor ortam\u0131 s\u00fcrerse, br\u00fct marj ve FAV\u00d6K marj\u0131nda belirgin iyile\u015fme; net k\u00e2rda \u00e7ift haneli USD b\u00fcy\u00fcme olas\u0131l\u0131\u011f\u0131 y\u00fcksek. B) Koza Anadolu (KOZAA) &amp; \u0130pek Do\u011fal (IPEKE) \u2013 \u201cKOZAL \u00fczerinden kald\u0131ra\u00e7\u201d C)&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5171,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-5169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-makaleler"],"_links":{"self":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/5169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/comments?post=5169"}],"version-history":[{"count":2,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/5169\/revisions"}],"predecessor-version":[{"id":5206,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/5169\/revisions\/5206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/media\/5171"}],"wp:attachment":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/media?parent=5169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/categories?post=5169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/tags?post=5169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}