Thanks for the article.  Link did not work, but it was easily found on the SA site.  I do not agree with the article's tone or conclusions.  I don;t think the author has looked at the history of the steaming model.  RGLD, SLV, and FNV have frequently seem over priced when look at using the author's criteria.  His/her conclusions might be valid if assets remained unchanged; however, Sandstorm Gold is not static.  It is a dynamic company built on a solid foundation.  Every time there is a new deal there is a multiplier effect.  One thing is almost certain, the company assets at YE 2013 should be much higher than the level at the end of 3Q12.  I will not risk selling very much to try to time when to buy at a better level.  Still have a STRONG BUY with any price under 12.  GL