price target 35, page-17

David
I may have misunderstood your post, but to IMHO it appears to me that your comments are both incorrect and arrogant. I believe they are in fact misleading:

1. ‘RMS has been driven by market sentiment, not company sentiment.’ This statement is clearly incorrect on a number of criteria:
a. RMS’s SP has been falling for months. The gold sector as a whole has not been falling in a correlating fashion.
b. I own shares in a number of gold companies that have either been flat or have been rising over the same period.
c. I attribute the fall in the company's SP to disappointing facts on the ground not to changes in market sentiment.

2. ‘There has been no serious correction yet.’ The SP lost 80% of value from the 2011 high. As far as I am concerned that was a serious correction. Do you expect the SP to go below cash backing?

3. ‘This latest movement in gold is premature.’ The gold market is one of the most complex markets that has ever been. As far as I can tell there are about 15 significant factors that impact this market. When you say that a the movement in gold is premature, you seem to be making the classic mistake of underestimating and grossly simplifying the gold markets dynamics.

Please, restrain your enthusiasm for gross simplifications, and if you must do it please condition them by including the phrase IMHO.

K