gap filled at $1.115, page-28

"Surely they cant all be wrong?"

I believe they can be - whether they are or not is debateable.
They are either wrong now or they were wrong when this was trending up strongly and trading around $4.

If they were wrong then, why can't they be wrong now?

For now the sp drop reflects the high leverage to the POG and low spot gold.

The real question should be;
Is the gold price going to stay around here, go lower or move back above $1600 and/or move to new highs?
If you know the answer to that, you will know if the market is right or wrong pricing gold stocks as though the POG will stay down.
I have my views on the long term POG but short term, as we have seen, anything is possible.
Good luck to anyone that knows where gold will be next month or in 6 months.
For now the market sentiment is poor so the market is pricing in the chance that gold stays down.
When the market was bullish, it priced most gold stocks as though gold was going to new highs and would stay there.
Of course the market is wrong for much of the time.

LT buy sentiment on LT gold price fundamentals and the leverage SLR will have to a rising POG - whenever that is. (Not on any conviction about the short term direction).