On a relative strength basis, Juniors Gold’s remain in a solid downtrend which now dates back to a peak last March 15th. Certainly, a mature and extended period of relative under-performance, there is quite a mystery as to why these stocks are not moving up aggressively in light of record, multi-year highs for all metals. While no one explanation is readily apparent, perhaps the only explanation may be that of diminished risk appetite as the broader trend for stocks has entered a bear phase and financial institutions are pairing back risk rather then becoming more aggressive. With so many of these companies engaged in rigorous drilling programs, --- programs that enhance shareholder and property value, the inherent ‘value’ proposition illustrated in most quality juniors seems to be getting better and better with each passing month. Who knows, perhaps these are the key ingredients for a mania style bull market once more broad based confidence returns to the global markets.