this one is worth considering.  What will ECU be producing in terms of profit and their underground assets worth with silver over $25.00/oz?

 remember the p/e average multiple for earnings on the S&P500 over 25 years is around x 25, and a bull market x 40.  (Google x60). The larger pm companies are generally trading earnings x mid twenties.  The sector average is stated on Bloomberg.

 http://www.gold-eagle.com/editorials_08/goldrunner021608.html

 Eg: 6cents per quarter

0.25 profit pa x 25 = $6.25

0.25 profit pa x  40 =$10.00

.50 profit pa x 25 = $12.50 -

.50 profit pa x 40 = $20.00 

This is the difference between 'fair value' and p/e averages.  Some institutions are limited by fair value estimates, but in the real world  its very rare to find a company trading below x 4 earnings that has the potential to become a major player.