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It is not just juniors though that are raking in the moolah. The financial markets also appear to be showering the established miners with cash. In February, Newmont (NEM) raised $1.7 billion, while Yamana, Agnico-Eagle, and Kinross Gold have between them raised over $800 million. And last week Goldcorp offered to sell $750 million of convertible bonds, but ended up with $860 million because the offering was oversubscribed.

Junior to mid-tier

What is interesting to note is that lot of juniors are well on the way to becoming mid-tier seniors - or at least viable producers. Some might not make it that far, but with the majors as a group failing to replace the metal that they are taking out of the ground and capital suddenly plentiful, the conditions are ripe for a buy-out boom, in which the big guys start snapping up the best juniors. Once the party gets going, hot money will send the most likely prospects through the roof.

The point is: shouldn’t you be in by then, dear investor?