In the Buy Zone, page-209

An interesting fact about the senior gold miners is that they haven’t been priced at premium for such a long time, probably not since 2011.Why? I have idea no idea. Newcrest mining does has access to strong liquidity and cash flows, and it seems the spreads between the senior and junior gold miners are quite large. I think it would be a good chance to to start acquiring some smaller players, particularly those who have already found large gold deposits (if there are any of them out there).