Although people think there's a correlation between pm stocks and the general market its really anecdotal, the proof of the pudding comes when pm stocks receive the benefit of high solid/rising pm prices in terms of increasing profit and the general market - read financial services, falls. The average S&P 500 p/e multiple over 25 years is something like x 25, whereas a full blown bull market is x 40. So resource stocks trading at x1, x4 eps are in fact an all time amazing , once in a lifetime buying opportunity!. Another point I d like to make, majors have the benefit of a rising pm price- its very difficult for a major to increase production by 100%, that isnt the case in the developing junior sector, which doesnt need a 'rising' pm price to increase earnings, just a solid one, while the company itself expands, so the leverage to the metal should be strongest in the junior sector.