One last point. In a massive deflationary deleveraging, even gold stocks can face stiff headwinds. If you look at this chart of Homestake Mining during the period 1929 thru 1935, you'll notice that the real uptrend occured during the reflationary period AFTER 1932.

 

That is, IF your gold mining stock isn't nationalized by envious, cash-strapped governments.

 

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