Skol,Broadly correct, however as the value of what gold there is...

Skol,
Broadly correct, however as the value of what gold there is decreases as a percentage of all investments (stocks and currencies).
The demand for what many appear to safe investment will push the price up during times of uncertainty, it will decrease once the uncertainty passes, but generally not beyond where it came from...."generally"
P/E very true (no commodity does have a P/E), image if most companies (non-mining) could forward sell there goods/services 3 years in advance and have no risk of recessission/downturn, they (Coles, JB Hifi BHP...) would take it in a flash.
Gold mining companies have the ability to do this, some gamble and do not hedge, some gamble and hedge, but at least they have the option.
Personally think we will see higher gold prices this year, some say $1900, just depends on markets in general
What would you hold for the next six months ?