gold - beware of triangle formation, page-8

I don't understand your point regarding the PE ratios. If gold goes up $50 per ounce from here then companies who are sitting on or mining 10's and 100's of thousands of ounces dramatically profit. Their earnings skyrocket and PE's go down. Some gold miners may have high PE's currently but once gold reaches $400 their PE's will plummet down. Lot's of miners will begin mining ore they are sitting on, at profitable POG levels, when these profit results hit the market, watch out above. Lastly in a run away bull market no one cares about PE's they just want to be on board - look at the tech stocks in the late 90's.