Ann: High-Grade Gold Discovery at K3 Prospect 21 m at 13.45g/t Au, page-130

He's bullish on gold though...

Due to his overall bearishness, Tice co-founded hedge fund Morand-Tice Capital Management almost exactly a year ago. It’s devoted to metal and mining stocks. Tice, a long-time gold and silver bull, believes it’s a once in a decade opportunity for investors.

“You look at this lack of discipline in monetary and fiscal markets. Gold is truly the place to be,” said Tice. “Over 5,000 years, gold and silver do very well as protection against fiat money.

”Gold closed at $1,812.50 an ounce on Friday. It’s down 4% so far this year and up 28% over the past two years. Tice expects the precious metal to rally 10% to $2,000 by December.

“I would be owning gold, especially gold and silver mining companies. These companies have never been cheaper. Many are at single digit multiples yet have potentially 15 to 20% growth rate in earnings even with this flat gold price,” Tice said. “But then you add on what we think is going to be a 20% annual increase in the gold price, and these companies are going to be outstanding opportunities.”