“You are supposed to treat the decline in paper gold as an opportunity to accumulate more. With regards to the decline in mining shares, I think the only thing one can do is look at intrinsic value. If you look at the total market cap of gold and silver mining shares, it comes to somewhere around $350 billion.

If you look at the inventory in the ground, of proven and probable, it’s in the trillions. So they are cheap from an inventory standpoint. Across the board, from the majors down to the juniors, they seem to be a very, very cheap asset class. I don’t think that can stand. This has just been levered money getting out of risk. Investors need to take a step back and just scale in to these declines. If you have new money, put it to work.”