As I pointed out in a former post (which is actually one of my favorites), there are a ton of things that I readily recognize that I just don't understand; valuing gold is one of them. Despite 'not getting it', I still think that we should make any effort possible to back our currency with something tangible. My preference, being as part of a basket of commodities, is the only thing that really makes much sense to me.
Here is a WSJ on the matter.
Speaking of 'gold' that I am pretty sure that I do know how to value, there is a company called Nevada Gold & Casinos (UWN) that I am a big fan of. It is taking on an expansion plan that involves buying mini casinos with cash and notes (the debt is on terms that I like), at 3-5 times EBITDA. Administrative expenses are high, but, the company has a heck of a management team in place. In addition, Nevada Gold has a bunch of experience in casino management and is making its acquisitions more efficient almost immediately. After purchasing the most recent batch of mini casinos, the company is integrating them into its network of similarly situated locations. It looks like Nevada Gold is being smart enough to avoid the dreaded Winner's Curse.
From where I sit, it's pretty interesting stuff.
Disclosure: I am long shares of Nevada Gold (UWN). This is not investment advice. Do your own research before doing anything related to anything that I so much as think about, let alone write on here... :)