An excerpt of a recent commentary by Kenneth Gerbino:

North American gold shares are 43% undervalued based on the current gold price vs. the value of proven and probable reserves. Since 2001, any discount below 30% has signaled a major rally in the mining shares. Higher gold prices will then be another important driver to force values higher. Mining companies that have strong growth patterns and lower cost production profiles will have these items also as positive drivers of their share price.

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One senior gold that has more than likely put in a major bottom is Agnico-Eagle. IMO.