I found the attached short interview with Rick Rule interesting. He says:

"Mr. Rule is not at all depressed about the current mining bear market, however. He thinks that the top 10-15% of junior companies have already bottomed, and notes that discoveries, such as RMC, FCU or AOI, are continuing to reward investors with five and ten-baggers.

Rule predicted it will take another 18-24 months for resource equities to fully rebound. The largest mining companies are already starting to show compelling valuations, Rule says, which will ultimately attract global capital flows."

http://ceo.ca/sprotts-rule-and-the-bear/

Even a junior like Pretium, whose Management is highly appreciated by Rule, today is valued at only 17% of the share price of early 2012. When Rule talks about the possibility of "repurchasing" shares of Pretium, that may confirm that also Sprott has sold many of its positions in junior mining companies. He is just waiting for exceptional good deals at the bottom of the market and complains about management of these companies as being too optimistic about the price of issuing new shares. If even Sprott Asset Management is taking part in the extortion of this sector, it is clear why we are where we are with AUMN.