There is considerable evidence that senior producers are high-grading to reduce their costs, putting at risk their futures and reducing the future supply train of PM's. Their average production costs remain north of the price even now. No more big deposits are being found. Future production is going to be from smaller mines (like Sutter and YK), and will be lower grade on average as the seniors are left with lower grades. Will the seniors begin to acquire these smaller producers and bid prices up? I think so, but it may take a little while as they deplete their resources. Ike