By the time we get to Q4, world inflation rates , in particular commodities, will have turned down sharply and gone negative for most commodities. That will leave the Fed and ECB hawks with little to carp about (honestly) other than the residual rot in their financial systems. That assumes only that OPEC does not cut production, and there is no major Katrina like weather to balloon energy prices.

That will leave us with very healthy copper prices , a bunch of more drill results, and the markets screaming "BS" to rate hike inuendos. So if we can hold our noses and positions into late Q4, we should see some serious improvement on the equity side. Since the big folks know this, they will be on the M&A trail in Q4. Hang on. Dorsch on Kitco is a must-read.

The juniors should be significant benefactors generally when growth again trumps inflation as a concern.