>>>I have no golden answers to the divergence between the POG and the juniors<<<
I think it's a mistake not to include the looming global credit crunch that will, in all probability, cause financing/refinancing angst for many of the explorers/non producers who's main source of opersting income is to dilute their companies share structures on a regular basis through private placements.
For some juniors, future monies will be considerably harder to get and with a higher dilution cost, to boot.
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