Waste of time responding Hold dividends then and don't make 80% per year gains in the gold stocks, if you're not a stock picker you had a hard time making money but I don't believe there's no money made in gold stocks. GTA alone is up 600% today alone, that flaws your argument a little.
Whether gold is at $1,750, $2,500 or $1,500 - gold stocks are priced in for $1,200 and are due for a severe correction to the upside. If you're doing so well with your ETF's why are you here badgering long term value investors of ER when you should be day-trading?
Dilute the company?? A $10 M exploration program with over $17 M in cash and 103 M FD is hardly diluting shareholders like you suggest.. cash for 18 months sounds good to me, enough time for a 43-101 upgrade or 2.