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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (19374)12/22/2004 5:39:44 PM
From: Wyätt Gwyön  Read Replies (4) of 116555
 
They can still sue the gold company

yep, my point though is that if you own the commodity (gold bullion), nobody can sue it. but they can sue the co that mines the commodity. this is why i actually believe mature miners should have some semblance of cash flow valuation--an idea that is heresy among goldbugs, who think miners should be valued based on what is in the ground minus presumed extraction costs, at ZERO DISCOUNT. there are formulas for valuing NEM that way, which miraculously justify today's valuation better than its PE. but such formulas don't account for possible blowups that effect the cost side of the equation.
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