September Quarter Comments, page-6

Holders should be putting the POG in context. It is currently not that far off A$1600. Have a look at the ten year chart for POG in A$ terms and it shows that we are currently in an historically high gold price environment. It has rarely been higher than A$1600. It sat there for 12 months 2011/12 and for about 4 months at the end of 2012 and a brief spike at the start of this year. Forget about the price spiking due to political tensions. It will spike when the US$ dives and then the A$ goes up and we end up chasing tails.
If Aussie producers can't make good money at these levels then they should shut up shop. Even if the A$ POG were to spike in a big way and attract more interest in the gold sector, its the established producers that will be the beneficiaries.
ABU will be re-rated when they come out with some strong revenue figures, but investors will want to see consistency of performance over time before it's SP will be pushed up much. I think us long suffering holders will have to bide our time and hope that the company makes steady and sustained progress. I don't see an overnight sensation from here. It took NST a long time showing good management and consistency of performance to earn a low PE. Fingers crossed ABU can make that steady climb. Good luck and patience to all holders.