Ron Hera, founder of Hera research, and the GoldMoney Foundation's Alasdair Macleod discuss mining stock valuations, the continuing economic decline across much of the developed world, and how gold will reemerge as the ultimate safe haven asset.

They also discuss the outlook for gold and silver mining stocks. Although the gold price has dropped recently, it has not been that big a drop in percentage terms, in contrast to gold mining stocks - with the shares of some mid-range and smaller gold producers having dropped by over 50% from their 52 week high.

Hera and Macleod note that the recent US dollar rally is the mirror image of the euro's decline, and expect the dollar rally to run out of steam shortly. Hera expects that in the coming years more and more people will realise that gold is ultimate safe haven asset, and argues that the US economic recovery is built on sand.

This podcast was recorded on May 16 2012 at the Hard Assets Investment Conference in New York.