##pricing gold/commodity shares##, page-14

some fair points but the very difficulty in valuing resources stocks and the minute by minute variations due to fluctuating metal prices, exchange rates and expectations mean valuations are quite inefficient compared to 'typical' companies.

this variability, plus the fact that subeconomic resources can become economic reserves almost overnight can gives rise to sometimes very large discounts or premiums for uncertainty or exhuberance. Bung in a successful drillhole and the picture changes yet again.

this inefficency give rise to the sometimes fantastic gains (and beltings) u can get out of mining stocks.