What rubbish. The chance for a Minsky moment came in 2008 - and went. We were hours away from wholesale destruction of the global financial system. It didnt collapse because the central bankers backstopped bloody everything. And they will continue to backstop everything for as long as it takes.
Case in point - Right now the ECB is going to dump longstanding collateral rules and accept crap Portuguese assets in return for an ECB loan. See what's happening here? Governments are changing the rules to keep the system afloat, but anyone with eyes can see its bent. And so, the flight to gold will continue and the flight to gold stocks will continue as well. Sure, we'll get more bouts of panic selling from hedgies/instos with their damned algo's tuned to buy/sell everything on a whim. You know, All One Market and all that. But that will change as gold continues to outperform.
Do you really believe a well-run gold miner is not going to benefit in a deflationary environemnt with a wholesale flight to gold? Give me a break - they're share prices are going to explode. I'll leave it up to your own discretion to define 'explode'.
