pic, ECU is one of the stocks I'm underwater on, yet I don't fret about it, for the reasons you listed. ECU is leverage for me on silver, at some point I expect that the inventory of silver they have in the ground will be approriately priced. The reasons for owning and holding ECU are stronger than ever before imo, so therefore I continue to hold. Fortunatley one of my gold stocks SGR is swimming up stream and rising against the tide and keeping the portfolio balanced. Our time will come, its a matter of when not if. Share price is definitely disappointing, I wouldn't have expected it to drift this low but it doesn't change my long term view.