$3.90 valuation by GS updated, page-397

$5-$6 that is certainly possible, gold mining companies are the only sector where their underlying fundamentals are increasing ie the gold price, everything else is seeing declining sales, energy sector is very elevated right now compared to the fundamentals for example oil which went $40 negative and WPL is still trading over $20 and there is nothing good there to look forward to for the time being. Gold mining companies are the best place to be bar none, it's very obvious, more people are going to come around to that thinking.