Baires,

in response to your question, I think since 2008/2009 we have been largely in "risk off" mode, in the big picture. In that scenario, bullion is preferred over producing miners, and, in turn, producing miners are preferred over developers. This is verified by the relative performance numbers.

We need "go-go" sentiment, aka risk on big-time. First it will show up in the HUI/XAU; then if the trend continues in the developers/explorers. That's what happened in 1979-81, and that is why I've been preaching it's not so much POG that helps TDC, but rather the HUI/XAU indexes taking off. That will be the precursor to CDNX stocks outperforming.