When asked if he has seen this type of undervaluation in the mining sector, including 2008, Boyd replied, “No, I haven’t. There’s a huge disconnect between the actual quality of the business and the historical valuation. Those are unreasonably low (valuations) and should be higher, given the fact that these companies are run with discipline. They are generating cash flow, they have an ability to pay more dividends and I think you are going to see that going forward.

When it turns and gold turns, this is where you are going to get the best leverage. You are going to get the best leverage from the quality stocks, and then, ultimately that will move down the chain and you’ll see some huge returns coming out of the juniors at some point.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/22_We_See_Strong_Gold_Demand_From_China%2C_India_%26_Central_Banks.html