Personally I don't think gold is ready for the next bull run. I'm bearish on gold in the next 3-6 months. Based on the past experience, we would normally expect a double or triple bottom for gold price.
I'm waiting for gold price to drop back to 11xx and start loading up on gold stocks.
I do believe that gold stocks are way undervalued and I am bullish on gold in the long term. It won't hurt at all to buy gold stocks at such levels. They will still be cheap when gold is sitting at above $1800/oz. However you might have to bear with some paper loss for some time.
An aside on gold explorers: like oil explorers, they are usually not affected by gold price. Drilling results dominate their share price.
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