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<p>[QUOTE=&quot;Daniel M. Ryan, post: 1276775, member: 32253&quot;]There&#039;s one little wrinkle - one that&#039;s actually notorious in the gold-mining circuit: costs aren&#039;t fixed. This cycle, they&#039;re rising along with prices. As a single example, the price of oil affects costs a fair bit. That&#039;s why so may producers have been disappointing as stocks. </p><p><br /></p><p>Beleve it or not, the best time to own the stocks of major producers was early on in the gold bull market. The AMEX (Now NYSE ARCA) Gold BUGS index was at 41.92 on Jan. 2nd, 2001. On Jan. 2nd, 2002, it was at 65.02. On Jan. 2nd, 2003, it was at 146.94. 2001 gain: 55.1% 2002 gain: 126%. That was the best two-calendar-year stretch the BUGS Index had in the last ten years. </p><p><br /></p><p>Ever since then, rising costs have gnawed away at margins, which has sometimes been accentuated with forward-selling of production.[/QUOTE]</p><p><br /></p>

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