Although I agree that CTO looks like a bargain it may be that we...

Although I agree that CTO looks like a bargain it may be that we are using yesterday's metrics.

The future is looking less certain. Mines generally need a lot of diesel. In the 1970s high fuel prices were followed by shortages. If there is a shortage of fuels, then gold mining is the first industry to be rationed.
Food production is more important and will hopefully be the last to be rationed. Fuel could be significantly more expensive.

We hear about carbon tax and gold mining produces heaps of carbon.

These two issues may not eventuate but the risk profile of mining is increasing. It already has currency risk, geological risk, and so on but in a risk averse world, a bargain aint what it used to be.