If interest rates go up, or there is a cash crunch, the explorers will suffer first and the most.
It seems to already be occurring.
The farther away from production and the more speculative a company is,
the more it's price will take a beating.
Over the last few months I have cut back a lot on my exploration plays. At the very least I want to be rock-solid sure of the in-ground resource; and the closer to production, the better.
The thrill of the multi-bagger in exploration is still possible, of course.
It is just a question of percentages.
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