another thing is profit versus market cap. There are no doubt...

another thing is profit versus market cap. There are no doubt some definitely profitable companies out there such as MML but at what price are you paying it for? You could be paying up to 10-15 times earnings.

Big cap producers will fall in line with other not-so-profitable producers even if they are releasing record profits. This is because of peer comparison. They will re-rate more heavily weighted towards gold price as their peers move in line as well.

That is why i choose the developer market. It is certainly tricky and risky with financing but the truth is good businesses will get finance and developers are only priced less than 1 or 2 times earnings. They can only grow from here if they enter production and match the established producers in terms of earnings/market cap.

Just my opinion and usually will take 1-2 years to play out.