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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: maceng2 who wrote (150346)2/8/2002 6:10:38 PM
From: pater tenebrarum1 Recommendation  Read Replies (1) of 436258
 
i fully agree. in that sense the mining stocks remain actually quite undervalued: as you say, they have become much more efficient. take DROOY: it used to have production costs well over $400/oz. NOW it produces BELOW $200/oz.
so the effect of the gold price rise on its earnings is much more pronounced than it used to be. and yet, the stock is still far from where it traded a few years ago. probably an after-effect of the long bear market: no-one trusts the bull move quite yet.
btw., '77 - '80, DROOY rose from $2 to $52. but that was of course a bubble...-g-
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