Från en ny intervju med Doug Casey:
TD: Doug to ask about precious metals and mining stocks, being that it’s an area in which you’ve built a vast majority of your wealth—have you seen the sector this cheap before?
DC: Yes. There have been a number of times when they’ve been this cheap. They were this cheap in about 2001. They were this cheap back in 1982. They were this cheap back in 1971 but mining is a tough business and it’s really not a very good business. I always describe it as a 19th century “choo-choo train” type of business. It’s about the polar opposite of the semiconductor and high tech and biotech businesses and it’s very politically unpopular and incorrect as well.
But all that being said, these mining stocks, the good ones, the well-managed ones are really about as cheap as they’ve been in history. So unless you think people are going to stop wanting or needing copper, nickel, uranium, gold, silver, and moly, you’ve got to buy these things now.
They’re really about as cheap as they’ve ever been. Everything [in the world] oddly to me seems rather overpriced except for these stocks which have really been beaten down.