At what point does the beat down of these mining companies...

At what point does the beat down of these mining companies become ridiculous?
THis is the question i'm asking myself.

Doing some rough calculations, It seems gold has gone down around 25% from its highs of 1900 (roughly)

Whilst SLR has gone down a whopping 62% from it's highs ($4-1.50)

at this point with respect to the gold price, SLR is priced at $722 (that's if gold goes down 62% like SLR from it's highs)

I know i am making a lot of assumptions and not factoring in much other than POG, but that is what the market seems to be doing.
I mean at what point does this become ridiculous?

Would love others thoughts, maybe my way of thinking is completely wrong (and my maths) cheers.