RE: isn't ngd trading...Now that is a good point. But then you have to look carefully at what is in the book value and how assets are booked. Both NGD and OGC look more attractive compared to peers with this single parameter.
Still, I am boring...
I look at ounces in production 2010 and what can be expected 2012.
The profitability of these ounces and hedges.
I also look at reserves and M&I Resources at both current and future mines (but separately) in order to include other future growth.
Jurisdiction is interesting, so is the relative size of the mines if one wants to check if they would be attractive to a major.
I look at debt and I look at the treasury and their ability to finance their vision of growth for 2012 and onwards.
Regarding NGD´s high book value I would point out that they have aquired other companies at relatively high cost and have alot of goodwill on their balance sheet. This is not a simple issue but looking at production, future production and reserves are. I welcome any other views about the book value of NGD. I am always looking to learn more about these companies and in general.
I do not have "true answer"... as I said, I research to the best of my knowledge.