I am not currently investing in any companies that do not have production. There are a numer of these that are still cheap.

GOZ - gold-ore expanding production and profits in sweeden.

CGC - Capital Gold - the buyout deal failed. They are expanding their low cost production and deposit size in mexico .

NGD - New Gold just merged with WTI and is now a mid-tier.

LSG - Lake shore gold - Just started production in Canada.

MAI - Minera Andes - joint venture production in argentina.

I have been taking my trading shares off the table here but continue to hold my core positions.

I expect a small to medium pullback in gold before the big push higher.

As for the general market the S&P is currently trading at a p/e of around 60. Either the profits have to return or the stocks are too highly priced or both.