But how about the seller? The entitity may not be seeing someting coming soon. From experience, mining company executives, really, have no idea where the metal is headed. Of course, everyone guesses but in a general overall down market they are most likely not interested in acquisitions. Serious replacement of depleting reserves better comes into focus in about 12 months. Look at the lonely Agnico, they pulled the trigger too early with their takeovers with Sean's opinion on gold and he knows it. I believe our general short term opinions concerning gold at the moment are too optimistic. Pushing past $1350 would change things quite a bit BUT until then, the continuing intermediate path of least resistance for the metal continues lower.