The Globe and Mail reports in its Wednesday edition that with increasing gold bullion prices, earnings per share expectations for miners have risen by 60 per cent and 80 per cent for 2025 and 2026 since April, 2024. The Globe's guest columnist Bhawana Chhabra writes that stock prices, however, have only increased by 25 per cent, matching the pace of gains in gold itself over the same period. With a forward price-to-earnings ratio of 12 times earnings and annualized earnings growth for the next three years forecast at 38 per cent, the PEG ratio (forward P/E to earnings growth) works out to be just 0.3 times. A PEG ratio of less than one is considered cheap, between one and two is considered reasonable, and more than two is regarded as expensive. This all implies that precious metals miners are available at bargain basement prices. Compare this to the MSCI USA Index, which has a PEG ratio of 1.9 times, the MSCI Canada Index at 2.2 or the MSCI World Index at 2.5. This makes gold miners one of the most underappreciated opportunities for equity investors. To little fanfare, these stocks rank in the top five of all subindustries in the S&P 500 Index and the S&P/TSX Composite when it comes to expected earnings growth.