Skeleg, I hope you're right, sooner than later, because I have a lot of money on the line.

A certain fatalism has set in with me. A few months ago I was like a fox in the henhouse, seeing bargains everywhere instead of panicking.

Now I have a huge debate with myself about paying down consumer debt or investing every time I see a bargain.

I had a lot of faith in the market, and the market hurt me.

I think we'll have a slow market for juniors in 2009 no matter what happens to the POG because a lot of people are in the same headspace as me. If you just lost 50% of your investment in a mutual fund, why would you throw more money into the market? Why not pay down your credit card? After all, you could be laid off anytime.

Mutual fund managers drive the market, and they will be cash-strapped over the next year, between withdrawals and lack of new investment. Small investors are being squeezed out because they are in a lot of pain. The fund managers will invest in producers, near producers, and large caps. Sure things.

I'm not saying sell your shares. But do realize that it may take a lot longer than you think for speculative money to re-enter the market.