On paper you maybe right...BUT very high risk factors in 3rd world country with a history of nationalization and political unrest...continual manipulation by FRB with dollar, as well as, further gov't manipulation thru henchman does not assure pm spots will follow course of what in reality they should be. These crooks could pull the rug out from gld's rise and hence its red headed step son-slv at anytime because they have done same for years. Let's not forget the potential for future much higher energy and extraction costs. fact: it costs more and more to find the shiny stuff and there seems to be a coupling of oil and gold...could make an argument that this in and of itself will make it that much more precious BUT in business scenario just narrows profit margin. And cde's royalty arrangements and other side deals caps to some degree a portion of higher spot on future production. Lastly, if market dives...well we saw how hard miners were hit the last time in march.