One consequence of all this money being created is that other bubbles will appear. I feel confident that one of the bubbles will be in precious metals; it will be driven by both fear and greed, but also by prudence. That's a powerful combination. With a little bit of luck it's going to appear in the precious metals stocks as well, but we are not there yet. I don't doubt that before this thing is over that gold is going to be moving up a $100 per day.

I've long specialized in small mining exploration companies. They're the most volatile class of securities in the world, cyclically running up 1000% – with leaders going 10,000% – then losing 95% or more. They're in a position now that I think we could see a giant bubble, a real mania, in them. Let me just caution people to do some real research and look at them very hard. Most of them are just burning matches – although that fact won't have much to do with how high they go if a real mania hits.

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