i think most of us were burned in 2008, as mining stocks did no better than the broad markets, and in the case of juniors, much worse. but i think those who have held on to companies that are cashed up or have access to the credit markets will do very well in the year ahead. it's never easy to invest at times like this, but the investors who do well in the market tend to be those who buy stocks when no one else wants them.

i think both gold and silver will end 2009 higher, and possibly substantially higher, and even the mid-tier and larger mining stocks will provide leverage to the bullion price due to greater profitability with lower costs of energy, labor and other inputs.

may we all have a prosperous 2009.