Dec3....actually the problem here is this sector has changed significantly over the last 10 years.  During the last gold bull and this one (up until 2008), growth companies and explorers returned significant gains.  I've been part of this whole thing since 1999...with companies like Etruscan that went from 20 cents to ~$4.40.  I'm sure i don't need to tell you the HUI-Gold Price ratio has broken about since 2008.   Some of these companies are returning to such low valuations that Richard Russell famously referred to them as "perpetual warrants" in the late '90's. 

Don't lump me into "don't believe the gold bull will continue", my point was that a lot of money does not  believe the gold bull will contiue in the medium/long term.  what i believe has no affect on valuations.

Gold companies of all sizes must find a way to unlock their value to shareholders.  I hold 10x more warrants than shares.  We need something to revitalize this sector and valuations....and as a sector as a whole, returning some profits as dividends is imperative to improving valuaitons...imo.