I always remember what i learned in investing courses 40 years ago.....the market can stay irrational for longer than you can hold on. IMO It doesnt matter what the market is telling you. Human behavior in a group IS irrational because they mindlessly follow each other. I remember Erick Sprott saying last summer "gold is going to 2500 THIS YEAR and let your mind wander to how much money the miners will be making". Well call me a cautious fool but i prefer to not let my mind wander. I had a couple of hundred grand invested in miners last summer and made some nice ptofits. But my gut feeling told me this is a top and i dumped 90% of my holdings. Since then ive watched the 25k i have left there shrink by about 40%. (Not a nice feeling to loose any money even small amounts.) Even Ross Beaty said in an interview last summer that you have to go for it when gold is up but try to read the tea leaves and walk away if you believe the upswing is over. Is the gold miner market irrational right now? Yes i think it is. Gold is doing pretty good imo. Its holding 1800. Thats pretty darn good considering it was 1200 and even 900 a few years back. Im not holding my breath for gold to hit 2500. If it manages to hold 1800 most of these miners' balance sheets will continue to improve and improve and there is nothing wrong with holding a stock thats in good shape and stacking up tons of cash. The risk is gold falling back to 1400 or 1300. If it shoots up past 2500 i'll pile back in as there is always a good time lag before euphorioa returns to the sector and you can catch a good part of the stock upswing. Ive held miners i bought in 2012 only to see them loose big time over the next 8 years or so. That type if waiting game i have no patience for any more because your money needs to be making money every year...not once every 10 years yes the upswings can be explosive but as impressive as they are after 10 years of losses ur just hoping to breake even at that point. Slow and steady wins the race. Im only expecting gold to hold 1800 and these miners will do fine. If it goes to 2500 terrific we'll see big upswings like last spring....but it would be a pleasant surprise as far as im concerned. Hope is never a good strategy when it comes to making money