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By: Eric Sprott & Andrew Morris

Contributing Editor: David Baker

www.Sprott.com

Debunking theGold Bubble Myth

February 2011

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Source: Bloomberg, Sprott Asset Management LP

CHART 3

    P   r    i   c   e  -   t   o  -    E    B    I    T    D    A    (    T    T    M

    )

0

500

1000

1500

2000

2500

3000

CHART 2

Source: Morningstar, Sprott Asset Management LP

    $    U    S

    b    i    l    l    i   o   n   s

Source: RBC Capital Markets, Deal Logic, Sprott Asset Management LP

CHART 1

0

50

100

150

200

250

    $    U    S    b    i    l    l    i   o   n   s

Total

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