$3.90 valuation by GS updated, page-101

watching the SP of many miners go up and down, probably by a coctail of reasons like fear/greed/margin calls/ necessity of making cash where possible etcetc, sometimes you just have to sit down and be relaxed. The wild trading in gold itself in the last week was also very intersting. But here we are again with a POG or around USD 1.637,-. For me miners are a play with a turbo on the POG. NO more no less.Ofcourse mioners have to have a good LOM, a strong balancesheet and, for me very important paying an attractive but sustainable dividend. Having said all this, watching the SP for example of Newmont and Barrick in the US and EVN/SAR and NST in your country I must say that the movement in the SP of RRL and SBM surprised me. For me they are ticking all the boxes (RRL) and most of the boxes I dont understand why they are lagging so much with the others (although I think Newmont and Barrick stand out because of their size, LOM and cashflow potential). Perhaps I dont care to much, because I do know that when both RRL and SBM keep on delivering (and keep on paying their lofty dividends) and growing their cashbasis in the next year or two, there will be a rerating proces of these two towards their fair value, being a normal valuation between their peergroup of miners. Today this is not the case.