$3.90 valuation by GS updated, page-380

normally I always try to give my opinion in a balanced and conservative way. Thats how I approach investmentpropositions. In some of my posts on this platform in the last year I wrote that after lofty prices for Australian miners I prefered US and Canadian miners (Barrick/Newmont/Agnico/Wheaton etc). And they delivered. Just take alook at their current SP and for example 9 months ago. (I am still positive on US/Canadian miners by the way). But as with everything in life, nothing lasts forever. With the weak performance of your currency compared to the USD, the fine performance of gold itself, it is clear to me: Value is for sale in Australia (especially if you are a Euro investor). There is no clear evidence, in my opinion at least, for the SP of SBM, RRL and NCM to perform the way they did. When you read how much of QE is done all around the world (it looks like there are no boundaries anymore, it is absolute crazy). If Covid 19 takes a few more months to get under control, than the economic damage will be unmeasurable and we are back a few decades in wealth. I can not even envision the time the world need to repair it all, if ever. So the POG is solid in my eyes and the miners will profit from this with free cashflow levels unseen in the last years. When you take a look at the SP of the 3 mentioned miners you do not have to be a mathematician to see that there is REAL value for sale. SBM and RRL have sustainable dividend which are very attreactive. In Europe quite some companies (financial, real estate, building companies) have withdrawn their dividend.
So yes I expect a re-rate of these 3 miners (and probably others as well) big time in the next 6/9 months.