"But it is never the short sellers that cause a decline. A major decline only occurrs when the majority are all on one side. If you reach the point that 85-95% of investors are bullish, you have sucked in the last guy. All you need is to spook that herd, and it will turn and run collectively. When you scare the majority, you have 85-95% sellers and no buyers. Never will you find that many shorts at the high. Those who sell the high against a bullish consensus of 85% - 95%, are a slim minority. "

Just reverse everything said here, for what Armstrong said is absolutely true at the top of a market.

What happens at the bottom?

"But it is never the bottom buyers that cause a run in price. A major price rise only occurs when the majority are all on one side. If you reach the point that 85-95% of investors are bearish, you have pushed out the last guy. All you need is to turn that herd, and it will turn and run collectively. When you entice the majority, you have 85-95% buyers and no sellers. Never will you find that many buyers at the low. Those who buy the low against a bearish consensus of 85% - 95%, are a slim minority. "

We are nowhere near the top of the market in the junior mining shares even though the gold price has done extremely well.

Rather than complain, consider the potential.

P.