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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 368.29+0.6%Nov 7 4:00 PM EST
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To: orkrious who wrote (56164)10/9/2009 9:23:04 PM
From: ItsAllCyclical1 Recommendation  Read Replies (1) of 217575
 
It's not just a case of financing which is to a degree still out there, you have liquidity concerns (if you want to get in these issues in size and then get out fast it's very hard to do w/some), but you also have that many majors finding costs are similar to what many of these juniors are trading for (per past NEM presentations and others). Most majors still have a backlog of properties on which to drill and most mergers almost always involve a company near production, not something still at feasibility or lower. What surprises me is that more of these juniors don't get together and form some size like NGD did. Add liquidity and value in one scoop. The whole is greater than the parts.

Of course if we get some mania it'll certainly trickle down and I do own some juniors, but I guess I'm not totally surprised by their valuations here. If most big caps were at all-time highs might be a different story.
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