Gold is the leading indicator of where the $ is heading, not where it currently is. You need to adjust the US$/Gold overlay by about 12 - 18 months for a real time comparison.

Not at all dissimilar to how the sp of a gold junior is already pricing it at $600 million in spite of negative cash flow and 1.6 million ounces.

At $200 an ounce, that's 3 million ounces and the benchmark price/ounce that was set in the G/GEA deal down the road as well as a justifiable price per ounce in working any future JV's or TOs.

The market is telling us that we have at least 3 million ounces already and the red light is probably flashing on a few of the major's proprietary models indicating even more ounces with every drill hole while they plot on how to get a piece before it's all gone.