RE:RE:RE:RE:The good news is.....Buyers don't have to buy at the top, but suitors often times are very similar to general investors. Why is it that everyone piles onto a stock after it starts shooting upwards? If you have a stock that is $1 it can sit that way for months or more. Suddenly the stock doubles to $2 and everyone piles in and pushes it upwards. If the investors who were buying at $2 are so smart, why didn't they buy months earlier at $1?
If you are in an environment (say 2011 for example) where euphoria is rampant in the precious metals sector, you will see M&A activity near the tops of the markets. Why? Because fear and greed drives the markets. A suitor who could've snagged your project for $1 billion a year ago suddenly realizes that the price has gone up and there is now competition and they'll gladly pay a premium.
This is what we investors want: a buyout during a period of euphoria. We are not there yet. But, we are getting closer. Note how globally, central banks are buying more gold than at any other time since the late '60s & early '70s. What happened during that time frame? Gold increased by a factor of 17x. What do you think that did to the shares of the gold miners?
Many want a buyout now, but that is plucking the acorn out of the ground before it fully matures. Patience will reward those who can stay in the race.