He'll probably just answer with what he's said in the past:

After the price of gold has made a big move upwards, savvy investors won't buy more bullion, but will instead go looking for bargains in the major gold producing stocks. Once those stocks have moved up to reflect the higher gold price, the bargains will be in the junior stocks, and money should start to pour in there.

He'll also probably throw in some stats about global gold production and how producers are having trouble finding new reserves to replenish the amount they mine.

I think JP's also predicted a stampede into PM's and related equities once the treasury bubble pops and the dollar finally loses favor as a safe haven due to inflationary fed policies. In this scenario, I don't see liquidity being a problem for the sector - more like the tech bubble where money's being thrown at anything.

My concern is more with juniors simply getting taken out by majors at low valuations and not ending up rewarding the shareholders.

Anyway, just my 2 cents.