Current valuation prices of miners/juniors IMO have nothing to do with how long they can stay depressed. The markets can stay irrational a lot longer than many of these miners can stay solvent. Because VG is a producing gold miner they are in better shape, but like I said they still need financing and what they have to give up to get it just makes them more vunderable. Look at all the gold they have to give up to DB and others now. Nobody gets something for nothing and VG is a prime example of that.
I don't think a resolution of the fiscal cliff ensures we won't see an international recession or ease financing for miners specifically. I would agree we should see a higher gold price AT SOME POINT, but that doesn't mean it will happen soon either. The world is still deleveraging and that means that the inflation we all expect to move gold higher has not hit yet, so when or if that happens is anyone's guess. Eventually I would presume.
Contrary to what you and others might think I'm still hopeful VG gets the share price turned around, unfortunately with these continued financings I think the shares will suffer more in the near term and it wouldn't surprise me if they have to do another share consolidation before this is all over. I may end up with a fraction of the shares I originally owned if that happens. It may take a $25 price for me to break even after all is said and done.