Skeleg,

You wrote, "This really sucks. And when you look at majors like Barrick, with the worlds largest gold production and gold at very high levels, they are still at a Price to Earnings of just 13:1. This is insanity!"

What you aptly pointed out is that inexplicably the majors' stock prices refuse to exhibit kinetic energy (stock price movement), despite a huge buildup of potential energy (profits). I maintain that when the chairmen of these companies come to the realization that they should massively increase dividends paid to the 4 or 5 percent level, a huge breakout will occur due to the thirst for high yielding investments. This will divert lots of cash to the seniors, soon to be followed by the hunt for "the next big thing," namely juniors and soon-to-be producers. Let me postulate that we all will notice this phase change, big time.

Strike