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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: ild who wrote (117217)	9/17/2001 4:37:04 PM
From: pater tenebrarum	Read Replies (3) of 436258

sorry for the late reply to this one, but let me just say that they're NOT too pricey..they're in fact a lot cheaper than their overseas counterparts on a reserve valuation basis, as well as on a p/e , price/book, and yield basis due to the political discount. assuming a gold bull market eventuates, they will perform exceptionally well...e.g. Goldfields is valued at a mere 2 billion market cap, but owns some 75 million oz. of gold and 6m. oz of PGMs in proven reserves...and twice that much in inferred resources that have the potential to be upgraded to reserves at higher gold prices. they make a R. 250 m. (approx. $ 30m.) per quarter with gold around $265, and would reap mindboggling fortunes at $400 (meaning that in their share price, the value of an open-ended gold option is embedded, but not reflected). that to me is not overpriced, but a steal.

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