Indicator for miner valuation in terms of underlining commodity Gold.

In 1999 gold was at $256 and ratio was at 0.145
Today gold at 1260 and ratio still at 0.149.
On top of it Real price of gold is at highest since 2000 at 7.0 vs below 2.0 in 2000.

Successful mantra is to buy in sector which is cheapest in valuation.