I have read your post Nevcorp. A couple of things worth noting in my opinion.
As this gold price bull develops and becomes a full fledged stock market gold bull companies will also be given serious valuations based upon their gold resources.
In some cases a junior proving up a gold resource might be valued at 50% or even 100% of its in ground gold resources because plenty of that currently forgotten commodity "blue sky" is added in!
A PE valuation will not be the only measure used for producers. In addition, any PE measure used will also become forward looking - like a PE of 15 or 20 times next year's earnings which will most likely assume a hefty increase in the price of gold plus an increase in gold production!
Remember the internet bubble when companies were priced at say 20 or 50 or 100 times next year's cash flow - never mind earnings!!
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