Gold stocks are trending up again following last week’s US August job number that came in well below consensus, taking a September rate hike off the table. The All Ords Gold index is up over 9% since then, to be up 89% for year. This index is dominated by Newcrest, and to an extent midcaps like Evolution, Oceanagold and Northern Star, which have all traded roughly in line with Newcrest. 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 seeing 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: (VIEW LINK)