Fair point Matthew, but this is where price v value comes into...

Fair point Matthew, but this is where price v value comes into play. The market's implied market cap for goldies is no substitute for intelligent appraisal of value.

And one can not simply compare ounces or forecast production when assessing gold miners. Management is paramount. Rule #1 is to buy top management. All else is secondary. Top quality management like ATV can create value year on year. Crappy management teams, as is the case with 99% of gold miners out there, destroy value yoy... and their implied values reflect this.

Give you another example: how much would you pay for a $100k investment portfolio personally managed by
i) Wayne Swan, and
ii) Warren Bufett?

Wally and Ron are the best in the game. The 'gold standard', so to speak.