B,

It is always good to talk about both sides of the equation.

I dont buy the argument:

In the event when physical gold spikes and paper becomes worth nothing, then spikes the insentive in getting it (gold) on to the surface and vest the higher value. Hence new investment money will flow to (quality) miners.

I dont see owning miners as owning paper, I see owning miners as owning hard tangible assets. Am I wrong ?

Euro