On balance I tend to disagree - By direct comparison with its...

On balance I tend to disagree - By direct comparison with its peers at current production levels NCM has more years of mine life then any other major miner. Yes production problems short term but like Goldcorp has some world class assets that will come on line. Refer to the most recent presentation - NCM lines up favourably with its peers. In due course NCM has the potential to be added to some larger world mining indicies which will result in further fund buying. The high AUD can be both good and bad - IF your a large US fund and you invest in NCM at these levels then over the next 12 months your likely to pick up 10% on the fx appreciation let alone what the stock does...
The US recovery story ( ? ) is subject to unprecedented amounts of liquidity being maintained - in due course all highly inflationary.
Asian CB's will maintain a strong bid under gold for many years to come and will be solid dip buyers - also China is dumping US treasuries at an increasing rate.

Re http://www.ft.com/intl/cms/s/0/1d6a4f76-6326-11e1-b837-00144feabdc0.html
and http://www.zerohedge.com/print/444583 in particular the graph underlying gold supply v money supply highly relevant.

NCM remains oversold at these levels.