What is evident so far this cycle unlike previous cycles is, there were acquisitions for the sake of ounces and ultimately destruction of capital and shareholder wealth. Looks like this cycle is different in the sense that producers in particular are treading very carefully with how capital is allocated. This is also why we've not had the boom in explorers yet despite the gold price marching on, the money is just sitting on balance sheets or just being deployed toward existing assets. In my opinion this only reinforces your point that the miners are looking increasingly better value and this time around the time to rotate speculative money will likely be when the gold price is retreating as producers deploy the balance sheet.
SPR Price at posting:
$1.45 Sentiment: Buy Disclosure: Held
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