1 "The greatest bull market in history, beginning in 1982," he says, has trained people "to believe things will do well and get better"training he considers lethaland conditioned them to "buy the dips. 2 "The dollar is in fact the worse currency in the world except all the others." 3 When it comes to the debate about whether the current environment is inflationary or deflationary, he thinks the coin falls in favor of inflation - like Faber he goes for what he calls the "The Yield-to-Politician Factor" 4 base metals: "I am coming to agree with the point of view that at least in the near term, China is involved in a bubble," 5 Rare Earths: Too Much Ado? - I have been delivering a lecture at some conferences about the real emerging minerals in this marketstorium, fraudium, scamium, or for those who saw Avatar, my new favorite, unobtainium." 6 and for GOLD: He expects "incredible volatility ... "I remember very well when I cut my teeth in this business. In the midst of the greatest gold bull market in history, the gold price fell by 50%." Standing at $200 in late 1974, the gold price corrected all the way back to $100 before resuming its climb. History may repeat itself. but then: "It would surprise me (but not unduly) to see gold to fall from $1,150 to $700 or $750 in the midst of a general liquidity crunch, where interest rates tightened and as a consequence the U.S. dollar rose and the U.S. dollar-to-gold carry trade engaged in by so many hedge funds unwound." 7 He has good advice on "Anatomy of a Gold Portfolio" 8 and for gold shares "90% of the juniors that pollute public markets are absolutely nonviable and have no value whatsoever." As for the remaining 10%, "for those who have the courage and willingness to work, there's probably more value there than in the seniors. . .and so much money to be made by stock-picking."