Here is a WSJ on the matter.
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.
Speaking of 'gold' that I am pretty sure that I do know how to value, there is a company called Nevada Gold (UWN) that I am a big fan of. They are 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, they have a heck of a management team in place. In addition, they have a bunch of experience in casino management and are making their acquisitions more efficient almost immediately. when purchasing the most recent batch of mini casinos, they are integrating them into their network of similarly situated locations. It looks they are 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... :)