Commodities in general had a bad run for quite a while. Besides crude oil being a watch area, gold has made its way to the news last few weeks with new five-year lows. Is it time to buy gold? Gold as an investment is a highly debatable one. There are believers and non-believers holding every strong views of their own. This article is not meant to add to the discussion. While we do not know how to value gold, we can actually turn to the gold mining companies and value them accordingly. The valuation approach that we will use is the Conservative Net Asset Value or CNAV in short. This is essentially a valuation of the assets that these companies own and highly relevant for gold companies as their main asset should be investments in gold mines and inventories of gold. Both of which are sensitive to gold prices, and ......