Precious-metals streaming company Royal Gold, Inc. (NASDAQ: RGLD) makes money by selling gold and silver, but it never gets dirty mining the stuff the way, say, a gold miner does. This changes the risk equation in a huge way that you need to understand. It also helps explain why Royal Gold has managed to increase its dividend annually for more than a decade, including right through a deep commodity downturn. So lets take a look at the risks Royal Gold faces and the risks it avoids.