# Adrian Day / Scotiabank valuation source trail
Captured: 2026-09-29
Video: https://youtu.be/OkJ49u-jiOg?si=s5dLpJ0BF4qA7YCH
Canonical: https://www.youtube.com/watch?v=OkJ49u-jiOg
Publisher: Metals Investor Forum. Speaker: Adrian Day (publisher metadata; automatic captions misrecognize his name).
Publisher event date: September 19, 2026, Vancouver. Video uploaded September 23, 2026.
Full available automatic captions retained privately. Captions are fallible and not independently verified financial data.
A 65-second excerpt around 16:35–17:40 was downloaded privately via saved HLS metadata after direct DASH capture returned 403. A full-resolution report-slide frame was inspected.
The visible slide is titled Cheapest in 50 Years; source Scotia Bank. It plots FCF Yield (%) versus P/NAV, not simply two price multiples. Reference averages 4.1% and 1.44x; points 2026E, 2027E, 2028E; footnote NAV data is limited to 1985 onwards.
No original report title, author, date or page number appears on the inspected slide. The 40-page length is the speaker's description until an original PDF is verified.
Public corroboration: U.S. Global Investors/Kitco Gold SWOT, June 15, 2026, describes Scotia gold-equity research comparing four valuation metrics with historical levels back to the 1970s. This does not establish the exact edition of the report used in September.
The GoldNotes page is an attributed video feature, not independent replication of the valuation model or a personalized investment recommendation. No guaranteed return or current price target is endorsed.