Doesn't the same logic apply to NEM? USD 67 in Aug 2020 now USD 51, 23% decline for NEM. AUD 36 in Aug 2020 now AUD 32 bid, 11% decline for NCM. You could argue that NEM is more undervalued by that logic, and swapping to NEM is ok if all you care about is upside leverage to gold price? Not sure why people are unhappy with this, it's not like you are being forced to take cash at a low valuation, you still have the gold exposure holding NEM?
NCM Price at posting:
$29.96 Sentiment: Hold Disclosure: Held