At least according to James Carrasco of Maquarie Private Wealth on BNN Market Call Tonight:

"Global demand for physical gold is outpacing production and this deficit continues to drain the vaults of Western Central Banks. Last year the world produced 2,700 tons and demand was tracking 1,200 tons last 4Q12, this 2,100 deficit has been coming out of the West and is being sent to BRICs countries. Sooner or later, the world is going to wake up to the fact that this deficit is cumulative and that much of the inventory has already been sold. With such fundamentals the current downward trend for gold cannot continue for long. More importantly, gold producers are trading at a major discrepancy to where they have historically traded in relation to the price of the commodity, and therefore offer tremendous value."

Maquarie has Argonaught as an "Out Perform" with a $12.00 target price. Hopefully these dudes are correct. He really, really love Agnico Eagle.

Doc