I have also ran the maths and if the average POG is $1100 then...

I have also ran the maths and if the average POG is $1100 then GDO will be loosing money despite ME running with a high profit/oz. My figures also indicate that at an average of $1200 we will be only worth $0.03 trading at a 20 x P/E multiple and at $1300 believe it or not (at a 20 x multiple) 0.53 cents (maybe the chinese use similar figures lol). Of course as the price of gold stays up in the $1400-$1500 range he share price looks much nicer (1.00 and 1.54).
If GDO improve costs at the Rand mines, with a 20% improvement on costs at an average POG of $1300 I put GDO at $1.31. I wonder how long the cost savings will take to impliment? I hope it is quick.

I agree GDO has become much higher risk and is highly leveraged to POG. I plan to hold unless the POG moves towards $1200.

As always DYOR I have drank a couple of glasses of wine and it does effect my maths :)