Very good read jake. Thanks for sharing. Got me to read up on history I didn't know until now. My favorite part...

XL: What about gold stocks?

CMS: From my point of view, the real wealth is created by recognizing a discovery early on, or recognizing a good discovery group early on, and accumulating a position and being patient and being believers in it. That’s how I’ve made all my money. I trade for fun, but to make real money, it’s all about accumulating a meaningful position in the real people of our industry. There are a lot of people you see in the industry whom you roll your eyes at, who jump from sector to sector and gold is just the latest fad to them. It’s the people who are the dedicated toilers and the strivers in our industry who know how to create real fundamental wealth.

XL: Like those in the Explorers’ League. Any other advice you’d give to an investor interested in the resource industry?

CMS: Don’t follow the crowds. We all make mistakes in our investing… I remember through the whole Bre-X mania, I bought some private placement stock around $2 or $3 a share, and it went to $9 during the hold period. But before the hold period expired, it dropped to 25c a share! Even people in our industry can get caught up in it. So don’t follow the crowd and buy that private placement in that hot new issue. Do your own research and be patient. People lose interest and they become impatient. In almost all instances, it takes about three years to make a real discovery or to find an ore body, and the market doesn’t have that kind of patience.

I'm a patient person! :)