"Just to clarify, I'm not recommending that people have 80% of their money in physical (though I can tell you I don't see any problem with that). When I say we have 80% invested in PMs, the physical component is 30%–35% and the stock component 45%–50%. That's the way we have played it.
Since the end of '08, I've been selling gold bullion. Initially, it was to buy gold shares because the gold shares got absolutely massacred in '08. As the year wore on and into 2010, I got more and more fascinated by silver equities, so I've also been selling gold bullion to buy silver equities. I haven't yet sold silver bullion to buy silver equities, which may be the next thing I do—again, because the equities are a little more levered. Obviously, silver on its own has had superior performance, particularly in the last nine months. It's been a phenomenal performer. Mind you, the silver stocks have way outperformed it, so we'll see going forward."
And this is my take on silver stocks and silver companies.