RE:Gold... Thanks for the post.
Hamilton makes some excellent points regarding current extremely low valuations of the miners.
He didn't mention that part of this process has occurred because the mining industry had tended to understate their "all in" cost of production, in the past.
That has been largely corrected now, plus miners have had to become more cost conscious and efficient.
That is a plus for investors at the current valuations.
Also, he didn't mention that the extreme drop in energy costs will be a major benefit to miners because of their high energy consumption.
If energy costs stay low for some extended period of time, miners' capex costs will be greatly reduced, which will make them even more under-valued at current prices, relative to gold.
goldguy