Your $2.48 valuation is close to Chad's objective ie. achieve top dog status in its peer group where its stock is valued at $100 per ounce of gold reserves. Since VIT is presently selling at approximately $10 per ounce of gold reserves, VIT would be selling approximately $3.60 per share US (10 x .36US). Of course, as we add more reserves the price objective will also go up - and if bullion reaches anywhere near $1,650 (Sinclair's objective), then the top stocks within VIT's peer group should be accorded an valuation of more than $100 per ounce of gold reserves. Anyway you slice it, VIT is an absolute bargin IMO!