I don't disagree with what you said for the most part.In the case of Peter I think the one flaw he has had in his thinking is that the junior markets could hold up in the wake of a downturn in the u.s. markets.I've never understood his feelings on this because the flaws are fairly obvious.With the u.s. and european economies sputtering how could one expect the internal growth of china and india keep the world firing on all cylinders.To then add the credit squeeze which is felt by the smaller companies especially and its not shocking for the junior metals(especially base metals) to be down severely.I follow china closely right now.Without it picking up steam,I don't see the junior resource stocks recovering any time soon.The big if in the wings is still QE3 though.That being said I'm still hoping for all positives to converge in the fall and new rally in the venture to begin.The bargains are out there.