what do you make of this, page-28

As we have already seen the biggest winners are those in the US, this is true. At the beginning of this bull market the Aussie was down around 0.5 to the US now we are 1.05. Where they have gone up 10x, we have gone up 5x.

I have no idea what the future holds but the US$ is the worlds reserve currency, if that fails why shouldn't any of the other fiats? If the US$ was to devalue significantly that is a hell of a lot of paper fleeing to safer climes. Where it goes is an open question but I would guess a significant portion would enter into things of tangible value that are limited in supply, that are universally accepted, basically precious metals. People default to what they know and they know gold and silver will always be worth something.

The Aussie$ is a proxy for what we have in the ground, it will undoubtedly appreciate (we've already got proof of that) so we won't 'win' as big as any American but I think the metals will still appreciate significantly.

The GFC was a massive flight to safety of the US$ due to imminent collapse of the global banking system. As values fell, margin was called in, debts had to be paid and financial reserves reestablished. Anything that could be liquidated was. Could it happen again? I don't know, if anything was to collapse next it would probably be the bond or treasury markets.

I don't know of any silverbug theory that requires a GFC2, who would want that? There is just an awareness that something like that will indeed probably take down metal prices if only in the short term. Given we've already had our comedown however that fear seems rather irrelevant.