via BCA Research - It's All About The Yield Now

A gold mining company valuation has not been about the yield per se.

But as the gold price rises, and the fact that traders have used commodities prices as a function of high yield debt in oil and copper, , they will turn to gold as a vehicle for returns not available elsewhere. Gold bullion will be increasingly measured against forex depreciation, and negative yields.

A gold miner's valuation was considered to be ounces in the ground, then cash-flow, now yield will also be part of the valuation scenario.

http://blog.bcaresearch.com/its-all-about-the-yield-now

-F6