Adam Hamilton makes similar points in his latest article:

And after such great fear, which spilled into gold stocks, odds are very high the sentiment pendulum’s backswing will overshoot to the greed side.

...and...

And since the 2008 panic anomaly was so far beyond extreme, the sentiment overshoot this time could prove far larger. And although a very high HGR will only be temporary, driven by an unsustainable greed spike, its prospects are very bullish today. I have no idea how high the HGR could go in a spike, so pick a number. At a fairly conservative 0.65x and $1000 gold, this implies a 650 HUI and a 62% rally from here. Some form of HGR overshoot is highly probable after such low extremes.

http://www.kitco.com/ind/hamilton/sep112009.html