Methinks the more important point is that historically it always happens that the juniors peak late in the cycle - the little goldys, for example, went nuts after POG peaked at 887.50 in Jan '80. As I recall, the PMs peaked in September of that year. Eight more explosive months.

We own unexpiring calls on POG - with equivalent leverage, and powerful pricing hysteresis. Those that sell their juniors before the bull market ends will regret it, big time. And BTW, dilution when necessary is OK - it's the debt that kills.

Strike