$3.90 valuation by GS updated, page-25

In my opinion, the gold bull cycle is just in its infancy. Central Banks across the world will continue to add gold to their Balance Sheet as a form of insurance against toxic and high risk assets that they have and are still accumulating (known as quantitative easing).

It is clear that Central Banks around the world are concerned that this unprecedented era of quantitative easing may result is serious global financial instability; like the trillions of dollars of negative yielding debt that is already present in global markets.

So if the status quo is maintained, I have a price target of $8.00 for SBM, within the next 3 years.