$3.90 valuation by GS updated, page-215

I don't think the decisions and outcomes we are experiencing are based upon any company or sector specifics. Rather, investors in the US are liquidating their portfolios and turning to cash. Some investors are long gold as an alternative safe haven asset, but the commodity is not deemed as risky or leveraged (to the gold price) as junior miners - so we are not seeing inflows.

ETFs are very popular in the US and some of those ETFs have decent tranches of Australian equities in them. The big tail wind that got SBM up to $4+ a while ago (Van Eck buying for example) is the hurricane driving prices down now as people turn to cash. Its currently a question of confidence in equity markets in general. Earnings will invariably drive SBM higher over the coming weeks and months, but we might not see appreciation as quickly as companies exposed more to some of the stimulus measures.