Since it was announced two weeks ago the share prices of both Barrick and Randgold have risen by 9.5% as investors pile into both stocks, with the uniform rise explained by the deal being promoted as a "nil-premium merger".
What's particularly impressive about the share price increases is that they have occurred as the gold price has risen by US$5 an ounce, or 0.4%.
That difference between the stock prices and the gold price is one measure of how much value investors expect to get from a merged business.
Perhaps they will, in the short term, as the Randgold boss, Mark Bristow, forges one company out of two, though it could be a case of the marriage of Barrick and Randgold being a case of trying to make a right out of two wrongs.
What that means is that...