Very good points SP. I read somewhere that gold shares started peaking long (1-2 years) after the 1980 peak in gold price. The psychology of traders is a remarkable thing. At that time, nobody believed GOLD would go to $800 so they kept selling shares on weakness. Then when POG started correcting off the $800 high everybody was buying, thinking they are buying the dips. We are going higher in Gold, how high I can't say, ask me next in Feb this year.
