In my opinion there is not really a peak in most things at the moment.

There are however a whole lot of places where the various governments of the world have prohibited mining, exploration and drilling activity or made it prohibitively expensive so this effectively does the same thing. The difference being that with a change of politics it can change.

I do agree with you that the more speculative mining plays are more risky at the moment and I still prefer the emerging producers in the PM sector in safer jurisdictions only because I see gold holding up better than the other commodities during the deflationary scare of the next few months.

Then I see Ben coming to the rescue with QE2.

I have raised cash in other investment but have kept the physical gold and the gold/silver producers most of which do not reflect the profits they will be making with $1200.00 gold.

The one thing that scares me in this sector is rapacious governments that are short of cash looking for something else to tax (recently in Australia as an example).

We certainly live in interesting times and volatility will continue to increase as money rushes around looking for temporary safety. I do not believe that US bonds are all that safe at the moment and do expect eventually that money will rush out of them as well. When that happens where does it go?