Bob

Depends where the price of gold goes compared to the costs of production. A very big margin could open up even over the next 24 months which would transform the economics of every gold mine and set off a wave of speculation in the sector.

For example, $3000 gold and $500 cash costs, gives $2500 an ounce cash flow. That makes your 2billion ounces worth $5billion ($25 dollars a share), less the costs of a mine and discounted at whatever rate is appropriate.

You could make a case for $10 a share in a mania (like the dotcom bubble) but you have stay in the game until it happens which ain't easy for the company or the investor.

EC