Sure could be true, but do not forget who wrote this. A Gold Bug that things every time Gold goes down in price, its a conspiracy against them.lol
Second if there is a depression, market would smell it long time ago. Tought to say, manufactring is not as big in the US as it used to be so I would say blaming that sector is somehow retarded.
Now if the service sector takes a hit than you got a problem.
When investing always start with an assumption that the stock market is dead wrong.