Everyone's valuation models are based on gold prices that are much lower than where they are and waaaaay lower than where they are going. If it costs us $950 to get an oz out of the ground, the difference between $1200 gold and $1800 gold and $2400 gold is a geometric progression of profit margins. Geometric progressions are the basis for exponential functions, as in exponential stock price appreciation. This will play out big time.