Ann: Resolute lists on London Stock Exchange, page-32

Gold stocks are just paper like all stocks. Valuations matter when the brown stuff hits the fan because everything gets reduced back to the common denominator of bond yields. The yield of US equity markets started lagging US bond yields at the end of 2017 but the market didn't take that as a signal to reverse. Now its just plain stupid. The equity market should always yield more than government guaranteed bonds.

ROI based on asset price inflation which is decoupled from underlying profitability is a completely nonsensical situation. ROI should come from dividends derived from profits not from share prices that would require several lifetimes of profitability to make their value. Banks generally don't give loans with terms that out live people but they are happy to value companies based on intergenerational earnings. Esh