Baires,
Perhaps the proper way of looking at this is that juniors tend tol get hammered when there's even a whiff of deflation, regardless if you believe it to be legitimate or not. That's just the way it seems to me. This is why I don't speculate in gold juniors, even though I know many of you do here. My only junior is Tyhee, and that's because (as you outlined) it's so undervalued relative to its assets that its downside risk is likewise limited.