$3.90 valuation by GS updated, page-211

So why are investors bidding up the price of gold, but bidding down gold stocks? An SA user explains in a comment: "Gold miners are real companies with flesh and blood employees, while gold is just... well, GOLD. If the virus hits the miners and they can’t work, less gold is extracted, resulting in less revenue and a lower stock price—which we’re seeing now, possibly in anticipation of this scenario. But gold itself is impervious to coronavirus and should see price appreciation as the world economy tanks and the dollar depreciates as interest rates are cut."

Cheers