For those getting discouraged/need a pick-up about gold mining stocks - I thought this was a very interesting article by Paul Kasriel . . . who I think a lot of people who are familiar with his work would greatly respect.
The type of deflationary pressures coming to fruition now, with a relatively steady bid of gold of $1600+ applies now.
His takeaway from the article (I don't think I am violating any rules here):
"U.S. gold mining stocks were strong performers in the 1930s not because investors gravitated to gold as a hedge against future inflation or because of a loss in the faith of fiat currency. U.S. gold mining stocks were strong performers in the 1930s because the U.S. Treasury was guaranteeing gold miners a steady or rising price for their production as their production costs were falling"