The info in this one was totally out of date, as was my previous low valuation from a few years back.

They don't look cheap up here, but they have an outstanding management team that are kicking goals and have been very good across all areas, especially with capital allocation decisions including M&A. CMM have outperformed even when many in the Aussie gold industry have underperformed.

Here's their Five Year Chart:

Source: Commsec.

And here's how they've performed compared with a few gold ETFs, being the Van Eck Gold Miners ETF (GDX) and two physical gold bullion-backed ETFs, Perth Mint Gold (PMGOLD) and the Betashares currency hedged Gold Bullion ETF (QAU). Those 3 ETFs have returned between +49% and +97% over 5 years, but they look like they've flatlined compared to the +1,183% that Capricorn has provided.

Like I said, they don't look cheap up here, but they haven't looked cheap for a couple of years now, and they still keep rising. And the gold price isn't doing them any harm at all:

Source: https://goldprice.org/

The left side charts and tables are in US$ and the ones on the right are in Aussie Dollars.

Interesting that the returns over 4 of those 6 time periods there were better in A$ than they were in US$ - in percentage terms. Only the returns over 1 day and over 6 months have been better in US$. Over 30 days, 1 year, 5 years and over 20 years the returns have all been better in A$.

I like my Aussie gold miners. It's not the same as investing in physical gold; it can sometimes be even better, and CMM is a great example of that.

That said, I am not currently holding CMM, except here in my Strawman.com portfolio. I have held them in prior years in a real money portfolio, but do not hold them today. They remain on a watchlist. They've performed exceptionally well.

Obviously I wish I still held them in that real money portfolio, however you can't back every winner.