My core positions are the royalty and streaming companies. I have additionally some producers, developers and also some explorers. For the diversification, the fun (explained perfectly by Zen), but above all because I think that once we enter into a gold mania phase, those explorers will show by far the best returns. Although Golden Minerals isn't a pure exploration play (you are wrong with that) it indeed is down 30% in just the past few weeks.

That is why I picked them (again). Just like the others I mentioned, which are down 25% and more. Isn't it the idea to buy low and sell high ? What is easier than having a watchlist with good quality stocks and when you want to add to your positions, you select the ones with the worst performances......