WI: I'm a real fan of drill plays. I'm not a fan of near-term producers because, as I suggested, we've really benefited when we've been able to buy into a company with maybe a half a million ounces that's on its way to one to two million ounces.

For that reason, we generally stay with higher-grade deposits because they offer the best price protection.

WI: I think it's just a matter of time before the printing of U.S. dollars has a massive inflationary impact on the world. And I think gold will be a very strong performer once people figure that out.

The prices of some of these base metals have muddled along here for a while and, in that muddling along kind of environment, the best ones to invest in are companies that are able to increase their resources through an extensive and aggressive drill program. I'm always on the lookout for new discoveries—I like looking at new copper and nickel discoveries.

TGR: Why hasn't a major picked it off already?

WI: Well, over the years, I've owned a lot of extremely cheap companies and was quite surprised that it took so long for the majors to figure out. One example was Gold Eagle, bought out last year by Goldcorp (TSX:G) (NYSE:GG). I was shocked that it took that long. Aurelian Resources is another obvious example. Aurelian was sitting around for probably a year and a half with a massive gold discovery, extremely cheap—and no major moved on it for a very long time until Kinross Gold Corporation (K.TO) (NYSE:KGC) stepped up. I've seen so many times in the past where you have a tremendous asset that's extremely cheap but it just takes a period of time before the majors move on it. The majors have their own schedule, their own agenda. And it takes them some time to do their level of due diligence and get comfortable with things.