No doubt markets and people have their cycles. Our hope as investors is that they are congruent and when they are we have the discipline to act! Costly errors are made when they diverge!
Participation in the market simply offers the thrill of being right; the shorter the time span between investing and succeeding, the greater the fulfillment! (And the reduced liklihood of some unforseen disaster!)
Historically, "storied" stocks have always yielded the best short term returns. One of the most recent was the astronomical increase increase in "tech" stock in the '90's! The whole investment community with few exceptions (Warren) bought the "story!"
IMHO, the Gold industry, certainly including SAN, has been very lackidaisical (For want of a better word although it does mean without vigor or spirit!) in presenting their "story!"
In truth, the sheeple and the "professionals" buy into "the story!"
Knowing there is an endpoint to all exuberance, a good "story," well timed (What better time for gold and gold equities than a Global financial crisis!) offer early investors a substantial and "quick" profit and outstanding personal fullfillment!
With SAN its almost as if they (IR and management) don't believe their own #'s!
The Gold bull will one day end a very sad "story!"
SAN's intent should be to reach their maxim value well ahead of that day!
RUF