I think you nailed it. The company may be doing exactly the right thing here, but the shift from uber-growth investor hands to dividend or even value investors will likely not be seamless or smooth.
The driver of gold today is viewed as a short-term influence, that's why the muted response by miners.
Today consistent with recent trend of low volume on up days (~100M) and high volume on down days (~200M) - that is generally bearish.
We haven't see the usual bounce after disappointing earnings followed by higher target prices from analysts. Maybe this is finally broken and ready to come back to earth.
What kills me, the guy from Jefferies says:
"This is now the 8th consecutive quarter GAAP Operating Income has exceeded the high end of guidance"
As though exceeding guidance was in itself an achievement. By That measure Amazon could continue to lowball guidance and beat it and somehow the company is worth more as a result.
Gold seems to be clawing its way back from earlier drop but the miners are trading more in line with other equities so far today. Should be a good opportunity to add to positions here.
Page 8, last paragraph:
"In their discussion of potential risks, several participants commented on the rise in forward price-to-earnings ratios for some small-cap stocks..."
I'm tempted to consider this a contrary indicator. Ratings agencies like Moody"s tend to be late to the game when it comes to broad industry calls like this, sounding the alarm just as gold price seems to be bottoming and miners' costs coming down.