bullion or shares ...do you have the right mix, page-4

I would have thought an index would be a more appropriate measure for stock performance for comparison with the bullion(I take your point about Homestake being around in the 20s - but it would be a mature company, if not had declining production during the 80s? (I don't know). I also don't even know whether Homestake hedged the majority of their production in the 80s?).

I think the record of this bull run demonstrates that shares outperform the bullion as demonstrated by the HUI / XAU. However, as said I respect Nick's opinions.