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To: Perspective who wrote (216417)	1/24/2003 12:16:39 PM
From: Mike M2	Respond to of 436258

BC, this would be of interest to you gold-eagle.com mike

To: Perspective who wrote (216417)	1/24/2003 12:28:46 PM
From: Horgad	Read Replies (2) \| Respond to of 436258

That is exactly where I was heading with that. I had done something similar with the PE, but your approach is cleaner. On my spreadsheet, I came up with a measure of how much the PE would drop as the POG increased. Ended up being kind of distorted and of not much use. Of course, as you mention, there are a lot of other variables that are not being taken into account: reserves, changing costs to mine those reserves, exchange rates, etc. Everything is a moving target and this is just a snapshot of a small part of the picture. I did however roll out of some GLG today:)

To: Perspective who wrote (216417)	1/24/2003 12:39:00 PM
From: SGJ	Read Replies (1) \| Respond to of 436258

This analysis is obviously off. zalasad.tripod.com

To: Perspective who wrote (216417)	1/24/2003 1:11:25 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

<<Interesting how GG has soared to the very point that there is no leverage whatsoever remaining to the price of gold vs. owning the gold outright. But, you still get about 3x leverage on GFI, 4.5x on NEM, and roughly 6x on HMY and DROOY. Of course, we are not considering the potential increase in production that a higher price would yield, as additional operations may become profitable at higher prices. Does this all make sense?>> It does, and that's why my long term core miners are HMY and DROOY...