gfp: The metals and miners have been performing very well. I held through thick and thin because I was confident in my overall market thesis. I was just too early, which is very often the case with me. I see the obvious well in advance but I act too soon, But it can still work for me because I am stubborn and don't panic over paper losses if I still believe in my thesis. And I do. The gold-Dow ratio is instructive. In bull markets the ratio climbs much higher. Right now I think McElvany said the ratio was about 13:1. Thirteen ounce of gold to buy the entire Dow. At bear market bottoms the ratio has dropped to 2:1, even 1:1. So eventually the market will drop significantly and the price of gold will rally strongly. If we even get close to a 2:1 ratio and I'll be selling ALL my precious metal and hard asset plays and buying high dividend equities.
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