"FWIW, my interpretation about what he said."
I do not interpret his comment that way.
My understanding of him is that we may not have a huge and expected prifit until 2020.
I think he learned from past predictions, namely I believe he first said that the breakout would come in spring of 2009.
Later he made a bet for 2010 or was it 2011?
Wisdom comes slowly and often painfully.

Second, the Cartel is far from dead so the bottom is not quaranteed to be over. What is fairly obvious is that there is little room for that bottom to go much lower. They are getting tired and low on amunition to sell more metals, however there is still plenty of paper potential.