Yes it is a low Mcap if you just consider their production and ignore how much it costs them to add and replace production ounces. And also you could consider gold stocks are in a bubble (or gold) when the industry average production cost is $1200 US per oz and spot $1800, usually in the past producers are biting at the bone to make profit and suggests gold prices are in a bubble and that is why the price draw down concerns me, gold mining is hardly necessary, most of the gold mined in history is sitting somewhere not being used for anything other than as jewellery or investment bars. I have other thoughts and concerns that keep me from being fully invested but I am very invested, I just see things that can be negative for gold too and how some ratios have moved. I think it's a bit unnatural for gold mining companies having it so good, as I said before when gold companies are biting at the bone to make a profit and nobody is interested in them, that is the time to buy in the hope gold prices go up vs production, well we are here with gold miners across the board making good margins and it seems like blue sky, but when you have an investment and it seems everything is perfect that is the top. Sorry I'm just worried about the industry $1200 production cost vs $1800 seems like an anomaly. I am concerned and worried the gold stocks are not pricing it in, I think they should be lower share price now because of the risk.
