Even though Alacer Gold (OTCPK:ALIAF) is down about 20% from its July highs and down a third from its 52-week high, the shares are still up about 14% from when I wrote about the company in December as an undervalued and unloved gold stock. That's nothing to brag about relative to the performance of the industry, with the Market Vectors Gold Miners ETF (NYSEARCA:GDX) and Market Vectors Junior Gold Miners Fund (NYSEARCA:GDXJ) up around 30% and 40% over that time and investors should ask themselves whether the ongoing operating risks are likely to be adequately rewarded from here. My use of a higher discount rate than most sell-side analysts leads to a roughly 20%...
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