I was interested in your comment about most miners trading x 10 cash flow. Maybe most start-up Juniors, but the majors are trading way higher. GSS for example has been unprofitable for a year, just put in 2 cents/sh profit which analysts are extrapolating out for a year at 4 x 2 cents. The stock was trading at $6.00/share in Feb, now under $3.00. On about 250 mil shares issued that's way over x 10.

Many are over x 100, some x 200-300. I

Worth looking into, maybe why the majors performance has been so poor last year - which would influence the indexes which don't include juniors.

Do you have a link to the article by any chance ?

thanks