It looks to me like the money that moves markets today is HFT, Hedge Funds, Private Equity and Dark Pools. Investors as we commonly think of them are those little teeny things under the elephant feet that don't move much, and trade 5 times a year, not 50,000 times a minute.
Peter is right on a lot, but misses some important things.
1) The last time we had a bull run in bullion, the US markets drove it. Today, it is pretty obvious that serious pressure on the bullion price will be driven by the East.
2) The East does not by mining equities. US funds, individual ants, pension plans, do not buy mining equities. The only hope there is that they become a Hedge Fund Chew Toy darling, and get taken for a ride by opportunists. Those same fellas are not known for their buy and hold mentality.
3) The American public could give lessons to rocks on being stupid, and to ostriches on burying their heads in sand. Look forward to the "awakening" right about the time the Tooth Fairy is found to be real.
Look, I'm in bullion, miners, energy deep. I believe it *will* win out long term. But you almost have to find a way for it to happen without the common man getting a clue, or involved, because he's clueless and marginalized to the point of insignificance in modern times...