Agree with you fully. However, sometimes trends and stocks have momentum that drive the price for a long time even if it does not make sense. As an example, all stocks related to hydrogen fuel cells, an example is Ballard, went up and up based on a hype. People forgot that hydrogen does not grow on trees. To produce hydrogen in large quantities for our car parks, it has to come from water by electrowinning. You burn coal at 30% efficiency to produce electricity, you use that at 50% eff to produce hydrogen, then another 50% loss for storage, and finally 50% eff loss to turn in back into electricity, for an overall energy efficiency of less than 5%. Still the hype made a lot of money for the smart(or just lucky) people before the 'gas' ran out. The suckers lost out.

Right now it is solar, yes there is hope but real large scale usage is far away. Most solar stocks went up several fold last year, but who knows how long this will last. A company like Timminco that used to produce magnesium and metallurgical grade silicon went up more than 10 fold last year because they went into the solar grade purity silicon.

Closer to home I am worried about the junior nickel exploration stocks in general. Yes the nickel prices are high, but it is not because there is no economic nickel ores out there. It is mainly because of the extremely high capital costs involved in developing these huge projects why the Inco's and Falconbridge's have been slow in increasing capacity. Right now combined they must be spending close to 10 billions on developing new plants in New Caledonia as well as In Brasil and Canada. I don't think they have too much appetite left for small junior plays. Just look at Skye Resources to see what can happen.

On the other hand I am a strong believer in gold and for me KXL is a significant portion(30%) of my investments and I plan to hold as long as the Hercules property continue to show what it has been showing so far. I don't value the nickel plays at all, but the uranium may work out if we are lucky.