I'm a bit surprised at JP's PM junior trades as listed in the latest 13f-hr. If I recall correctly, he mentioned on his show how he had $50 million that he was looking to deploy into juniors. Also mentioned how he was like a kid in a candy store, backing up the truck etc... Looking at the 13f-hr for Q2 it looks like he only bought about $3-4 million worth (my rough estimate).

http://tinyurl.com/6lum9u

Also, his comment on accumulating 4 juniors he really liked, not really reflected in the holdings.

Perhaps things changed in Q3, but I'm pretty sure I heard these comments prior to Q3. And he couldn't have known for sure that junior prices would remain depressed all throughout the Summer, so I expected him to take more of a position in the sector.