All the same arguments the gold bugs have been spouting all these years of declining prices.

That said, timing is everything, and this guy may be right - for a while anyway. Given the nature of the collapse of PMs just before a seasonally strong period, PMs could have a very nice run for 2-3 months.

The average buy date for the seasonal move in gold stocks is July 27. It's just an average, but it looks to me like the yearly low will be very close to this date. I suspect there will be one more panic / capitulation before the bottom is in, and it should come soon.