$3.90 valuation by GS updated, page-370

My belief is that Gold miners are suffering from a combination of three reasons.

1) Margin calls have continued to depress Gold miners price until very recently combined with continued market weakness which has resulted in a loss of confidence in Gold miners for the time being.

2) The price of Gold while still very strong, has not gone ballistic, which gives people pause as to whether to pile into Gold stocks or wait until a stronger trend is evident.

3) Continued risk of Mine closures due to the China virus.

Eventually all of this will pass and Gold stocks will lift into a world of their own but we may not be past the pain yet.