Mining Company Valuations

Newmont:
$26.9 billion market cap at $55/share, plus $3.3 billion net debt equals $30.2 billion enterprise value;
Newmont has 94 million oz of gold in the ground;
The market is currently valuing Newmont's gold in the ground at $320/oz.
Cash costs/oz to yank it out equal $575/oz;
So, if you buy Newmont, you get the gold for $895/oz.
For the market to value Newmont's gold reserves at $1,500/oz, NEM shares would have to trade at $160/share, +194% from here.

Yamana:

$9.8 billion market cap at $13.10/share, plus $25 million net debt equals $9.83 billion enterprise value;

Yamana has 22 million oz of gold in the ground;

The market is currently valuing Yamana's gold in the ground at $445/oz.

Cash costs/oz to yank Yamana's gold out of the ground equal $250/oz;

So, if you buy Yamana, you get the gold for $695/oz.

For the market to value Yamana's gold reserves at $1,500/oz, AUY shares would have to trade at $36/share, +175% from here.

Just two examples of the current relative attractiveness of the gold miners relative to gold.