Gold miners undervalued?

The main problems

For a long time, the yield of gold miners and the yield of gold, were rather close to each other. This has changed since the late 2000s. The main factor that needs to be mentioned are CAPEX overruns. The industry has a big problem with this, when we take into account that 44% of projects have a 15-100% cost overrun. Growing production cost have also hampered the industry. This trend has been exacerbated by the COVID19 pandemic and the shutdowns related to it, and is now getting another big push with the current inflation crisis. Political instability and the growing environmental constraints which are being put on the industry are also not helping this trend.