Art, The game has changed IMO look at AUY it had a high of $18 back in march 2008 and is now only $12.70. I remember getting in at $7.50 and out for a few $ and decided big money could be made in juniors. Well I was right to a degree but sold crg and uxg whoops to be concentrated on rby which I was hopeing would be the holy grail of juniors. It has done well but with soaring gold one would expect all gold stocks would be trading much higher. I expect one of our posters is right about cost of mining has soared as well and I also think the pe's have come down like auy's because investors are much more cautious after the "great fall" we had in the markets.
I do believe that if gold stays $1400 plus all miners will start to crank out great $$ and the funds and public will start to accumulate and miners will lead the way. But what do I know? I'm on track for another 60% portfolio gain two years in a row but this year has made me work at it. GL2U