Its realtive. Take a miner whose cost is say $1200/oz all up...

Its realtive. Take a miner whose cost is say $1200/oz all up with a net margin of
$400 ; a $100/oz means 25% to/from profit whereas a miner like KRM
whose net margin is $1200+ the same $100/oz means 8.3% to/from
profiit.

Should gold retreat to pre 2008 levels then low cost miners like KRM will still profitably survive and maintain SP, albeit at a higher (normal) P/E.

The current market pessimism re goldminers ,IMO, is largely motivated by
the probable impact of a POG drop on high cost mines. Since there are few
sub $300/oz cost mines on the ASX, KRM finds itself tarred with the same brush as the high cost mines.

KRM's probable earnings/share for 2013 of 25c approx gives it a ridiculously
low forward P/E of 5.2 @ $1.30 current SP.

Cheers and thank you for the post
Moorookamick
(Trout fishing in Ireland.)