from article, see below

"I'm still very positively inclined toward some of the juniors. The key to the juniors is that we need to see the seniors perform better. We got really bullish in the summer about the seniors, which is not usually our space, except as a catalyst for money to come back to the juniors. The seniors had a wonderful lift of 20–30% off of their lows. A lot of that came from generalist funds as opposed to resource-specific funds. Unfortunately, what happened about three weeks ago was that just about every one of these major companies missed their numbers by a wide margin. A lot of the gains that came about from the summer have evaporated and I think a lot of the generalists' funds have exited the sector. That has probably pushed back the timeline for some of these juniors to wake up.

One thing, however, that is very encouraging is seeing some of the M&A activity, not so much the seniors buying the juniors, but mid caps buying into the juniors. I think that this will ultimately prove out the thesis that there is value in select juniors."

http://www.kitco.com/ind/GoldReport/20121126.html