"The reality is that the entire gold mining sector is...

"The reality is that the entire gold mining sector is dramatically undervalued in historical terms" ... dramatically undervalued ? relative to what "historical" reference ? simply the gold price ? seems far too simplistic for my liking. Input costs for most gold miners in western countries have been rising (oil/diesel, labour, chemicals, plant and equipment, time/cost for project/exploration approvals), risks have been increasing (native title, environmental approvals, NIMBY for eastern states) and risk is priced by discounting the SP. Of course then there are the risks for Africa based gold miners which i think have always been poor but seem to have increased "historically" ...