The current problem is that many investors have not yet realized that if the stockmarket as a whole goes for another "dip" (in my view a fairly likely scenario) the place to be is gold or gold miners rather than cash. While there is some evidence that gold itself is indeed holding and even increasing in value vs. the dollar and equities, in general it is not yet seen by most as the place to be.

I'm afraid that if there is another significant market downturn, gold mining stocks will again go down with the other equities, at least initially. Finally, when gold is clearly seen as going in the opposite direction as most equities (i.e. up rather than down) gold mining and exploration stocks will see a significant turnaround. We obviously have not reached that stage yet.