Some factoids

Homestakes earnings declined from .8 to.05 with the 1929 financial mania

by 1932 earnings had improved to 1.24 (gold still 20.67)

by 1932 stock had gained 146% to just over 20

Homestake reached 66 in 1939 paying 4.5 in dividends

So when it comes to mining the conclusion to be made is that gold's real price is more important then the nominal price