For all those arguing for 3-digit in-situ valuations.

Again, read over my post. What I said was, basically, that if GNH sells this in the future at $150/oz, that $150 is only worth $30-$40/oz TODAY when you discount it and divide it over the total future share count.

Got this confirmed last night in an email from the analyst fellow I follow. He does valuation analysis at a professional level, so I trust him very much. He was basically in agreement with my thing.

As for "pumping" - I should say that I feel it's all good-natured, there's no evil intent, from Glorieux or anyone else. (I still can't recall a time when I feel Hoov actually pumped something - he seems a lot more relaxed.) But a lot of the exuberance you can see on SH is, quite probably, a result of the following:

1) groupthink - human animals like us are vulnerable to getting themselves overly excited. It works wonders in personal motivation, e.g. in helping 8th-place teams almost win the Stanley Cup. But it doesn't work so well when faced with hard realities.

2) hopefulness - everyone wants a ten-bagger. Heck, I want one myself with GNH. Problem is, to find a way to base your hopefulness in fact. Hoov can do this because he seems to be well educated in the tricky parts of this play, like the geology. I'm trying to temper my own hopefulness by learning how to properly valuate mineral deposits - which will help everywhere else, I hope.

3) relative ignorance. We're not all Mr. Tilsley, and that's a tremendous handicap for us. But when one tries to set a price target based on in situ valuaton, and does it not very well because he doesn't realize how it's done, it makes it even less likely that the price target will get hit.

The problem I'm having with the internet is figuring out who exactly knows what he's doing and who's just blowing smoke. Unfortunately, there's so few very knowledgeable people who actually post to the hordes, on most sites.