AEM

I'd say the company is fully valued here bordering on overvalued. This is pretty typical of companies that track an underlying commodity and that underlying commodity is undergoing significant pricing action to the upside.

Take for example an oil and gas stock. During rising prices, they tend to get expensive and trade at premium valuations because of the underlying price of oil going up and driving sentiment. On the flip side, when oil goes down, the stocks tend to get hit much more than the downward movements in oil.

The company is trading at 20x expected earnings and 24x trailing free cash flows. It will need the price of gold to stay elevated to justify those valuations.