The fiscal cliff wasn't a one-day event on Jan. 1, 2013; it's a permanent condition. At some point, we have to solve these trillion dollar deficits. Coming back to gold and precious metals, there is flight away from risk assets into bonds and the U.S. dollar. If there is real growth in Europe, the next crisis could be a run on the dollar. All these crises have seen gold stocks fall with the market, but what we could see in the next crisis is the gold stocks rise while the S&P flounders. Again, that's two to three years off. The next couple of years are the transition period. The U.S. has really led in the last couple of years during this European crisis and Europe will now probably outperform; the dollar will weaken, and that's another positive factor for gold. TGR: Are there any other particular stocks that you watch that fit the maximum pessimism trade? DS: I think that what has happened in Newmont Mining Corp. (NEM:NYSE) and Barrick Gold Corp. (ABX:TSX; ABX:NYSE) is interesting.