George's words from the 2011 Annual report

"However, during the year as we hit our stride operationally, experienced the benefit of our investment in infrastructure and people and continued to deliver value through exploration success, the capital markets experienced severe stress.

Beginning in July of 2011, with debate in the US Congress over increasing the debt ceiling, continuing through the fall with the concerns over the default of Greece and the debt crisis in Europe, a mood of pessimism settled into the markets that has deepened and has progressed past nervousness and negativity into fear of a repeat of 2008. Trading volumes are 30% less year over year; redemptions are the order of the day resulting in overall declines across the whole sector"

Can't argue with that. Nothing is up unless you hit oil in Africa or gold in the Dominican.