If the gold bull is over already...

... we should see $950 gold price over time.

Troy will have a p/e of 4 then due to hedging and to low costs.

Isn't that a bit overdone? Troy has now lost more than 50% in relative valuation since May. And yet there probably is no other gold stock that can withstand low prices as good as Troy can.

Strange thing that management gets badmouthed so much while they completed Karouni basically on budget ($73m vs $70m estimate). We even had Brent Cook come out predicting in no way Karouni could be completed for $70m and costs would be probably nearer to $120m... I think it is impressive that this management can build a mine at much lower cost than competitors.