Edit (1:40) Replying to comment by PK because my own blog won't let me comment for some reason. Dohhh... PK, you say "we already know how good the fundamental backdrop is" but I disagree. The general funda's have taken a hit on the last intermediate phase out of last summer as gold has under performed oil. On the big picture everything is ship shape, but we are now managing a coming intermediate cycle from down to UP... and I have a feeling that when this thing turns it's going to go up with power as it will have the inverse of all the irrational downside momentum working for it. But the intermediate gold mining funda picture was compromised since last summer. I would not be involved in the sector however, if I didn't think this was just a consolidation.