Why is gold mining such a crappy business?
Here are two excellent essays that explain why gold miners shares tend to under-perform the metal over the long run.
Saville
https://www.321gold.com/editorials/saville/saville102014.html
Pollitt
https://www.denvergoldforum.org/assets/downloads/MarketLetter-Keynote-Denver-Final.pdf
This is why I like royalty companies such as FNV, RGLD, and SLW since they avoid many of the pitfalls that miners face.
That having been said I currently have a portfolio of PM miners, including FR, because there are times when miners present good speculation opportunities.
But I always treat them as speculations and use short hedges to control risk when they are in down moves.
I am currently fully hedged in my miners' positions.
goldguy