I'm surprised that a sophisticated investor like Sprott is not taking into consideration the cost per ounce to replace their reserves for the majors. That's the main thing that is holding the large caps back right now -profitability means nothing if they can't continue to replace the reserves they have at the same rate. And lately, the cost of bringing on new reserves has risen commensurate with the rise in gold. This is what the analysts are looking at, and why the large caps are not skyrocketing. It isn't as profitable as you would think if you have a long term perspective.