below is Mish from Friday, Re Faber, he tends to be more big picture but yes he was very defensive this year, I cant remeber trading specifically on his advise as I found Hoye's logic and positioning to be more exact, so treated Faber as useful background info. I remember over the summer that Faber had a graph of the S&P by sector, where financials were pulling down the index but other sectors like materials were holding up, his conclusion was that all sectors would have to tank. Hoye was advising to short base metal miners over the summer, or at least take profits, so they were telling the same story.

Re Hoye on gold, he has been pretty clear on his position, go long gold stocks after the Fall crash, mish seems to be agreeing if you read the comments below. On Fridays Howestreet, Hoye mentioned that silver might outperform gold for now, also his broader outlook is a rally in the S&P going out to Mar/Apr09 before more fun and games I guess. I am guessing here now but he will probably advise getting out of silver stocks again around then as well

http://globaleconomicanalysis.blogsp...

"The action in gold, gold miners, and the stock market yesterday suggests the bottom is in for gold. Seasonally, gold is favorable through January although seasonal trends in gold have not panned out well this year.

I have often said that gold would decline in the initial stages of deflation as leverage was wiped out everywhere. If that leverage has been wiped out, gold miners have a lot of catching up to do with the price of physical gold.

Finally, gold itself is now free to rise in deflation given its true role as money, even as those in gold for the wrong reason (as an inflation hedge), bail."