cjj,

I agree. You either believe or you don't. The ones that don't and have money waiting on the sidelines will continue to wait. Too much uncertainty right now is driving the market to value liquidity, dividends, and cash flow over potential. This could change in time.

Rising gold prices will help alleviate some concerns and allow the sideline investors to take more risks before the permits or financing are secured. This is why the non-producing juniors have depressed stock prices.