Gold stocks have consolidated in recent months, but are still up strongly for the year. The All Ords Gold index is still up by 76% since its nadir in early January. This index is dominated by Newcrest, and to an extent midcaps like Evolution, Oceanagold and Northern Star which have all traded broadly in line with the index. However, there are scores of smallcaps like Dacian, Blackham, Orecorp and Cardinal that have all had year-to-date gains in the 300% - 500% range. To get some institutional views on whether gold equities are looking expensive following this remarkable performance, and if we now see a rotation into other sub-sectors, we reached out to Tom Richardson from Watermark Funds Management, Hedley Widdup from Lion Selection Group, Jim Copland from IFM Investors, and Matthew Langsford from Terra Capital. You can access our collection here: