To answer your question why the PM stocks have not hit the "really sell PM stocks" level since the bull market started, you have to look at the cost side. Oil has risen 15x trough to peak this decade while gold has risen only 4x. Hence gold stocks aren't making the profits you'd expect them to. Gold has a lot of catching up to do. It also explains why WA open pit operations are in trouble.
Personally, I'd like to see a few of our big gold mines like Telfer, Paddington and the Super Pit shut down. This would show the smart alec interventionists on Wall St that gold is not going back to $500 and in fact requires much higher prices to sustain production levels.
