I think there are a lot of indicators as to when the speculation phase is over. The biggest is what the company has to have in the ground in order to justify the current share price,. The question should constantly be asked "does this make sense?", and as long as you say the company could have 1/2 or 1/3 of that and I am ok. Then you probably are.

Right now Golden Hope is valued at $69MM. I would conservatively give them $100 per oz of gold in the ground. Do I think Golden Hope has at least 690,000 oz of gold in the ground. The answer is YES or I would not be on this board. I think they will prove up at least 10x that amount. So I am still here. I am not interested in making 10-12% on my money per year so I will not be here when we are all old and gray talking about how we dug up X amount of gold last month...

But currently I am in Golden Hope - have little to no fear of this play... and someday I will be gone like the wind... and you guys will be saying... "damn do we ever miss semi"...