They say they would not buy Pretium because of its speculative nature. Well first of all, I'd like to see a precious metals stock that is NOT of a speculative nature. Secondly, what if you WANT a stock of speculative nature.
I think in some ways explorers are less speculative than producers. There are a lot less things that can go wrong when you just sit on a deposit and poke around at it as opposed to the myriad of risks associated with production of precious metals.