I agree its not a good vehicle for trading the ups and downs of movements in the gold sector.  But I am of the view that with the downturn in gold juniors the baby got thrown out with the bathwater and some good quality stocks were taken down undeservedly.   What I regret is that I was not as finely tuned to overall market sentiment as I should have been.  So regardless of the fundamentals, there was a time, maybe not right at its shareprice peak, but there was a time when we all should have taken serious consideration to going to cash and hiding out until market conditions improved.  Good traders can do that.  Then again, the danger in doing that is that it is hard psychologically to pick your re-entry point and actually get back in.  Sometimes with a bear market in the sector the best thing to do is ride it out.    The VTR story is still a good story; its just that market conditions changed.   At some point, in a risk-on environment will return and next year with a feasibility study in hand we will be that much closer to starting a mine.  

Its the major funds and institutions that are hurting us.  Its easy for them to bail out of VTR and take a loss, since the dollars lost on bailing are only a very small percentage of their portfolio which is passed on to investors.  So the consensus developed that West Africa is risky and we are in risk-off environment, so take the loss and move on.  Anyone else, such as myself, who has a substantial weighting and a sigificant portion of his weatlh in the company, and who understands the fundamentals of the company, is not going to be so quick to bail.   There are many catalysts on the horizon including what appears to be a strengthening of the POG.   The simple fact is that when we are riding high and sentiment is great for the stock, that's the time to consider selling, and when we are beaten up and in pain, that's the time to consider buying.  Many posts have provided links and graphs suggesting that the ratio of the price of junior gold miners to the POG is at historical lows.  Any reversion to the mean will take the sector higher.  The market is always right and tends to go high in the extreme and low in the extreme but eventually arrives at reasonable value.  So I think we get back to $1.50 as a given fairly soon, and with developments in the company and in the price of gold, thereafter reach to new highs.