2 charts, page-5

broadly speaking I think we should be comparing gold equities to gold price performance on the basis of the 1980's
by this I mean gold equities trended gently upwards until gold itself peaked & then the gold equities took off, so If you believe gold has a few more years to run the you shouldnt expect the massive multiples rerating just yet, but we are in bargain territory regardless for a good leg up to at least low teens IMO & maybe even high teens, not ready to enter the 20c comp yet as I think gold will run a lot higher first. I dont need to top up, but if 5c comes my way I'll take what I can afford at the time.