As Peter Grandich pointed out in his first blog of the New Year an investment in physical gold would have stopped you from losing money in 2008. So I'm all for loading up on the physical metal. Personally, I'm in silver (much easier to obtain for me).

As for NAK and SLW, they are solid companies which will perform well once we have a good run in precious metals. The management at both NAK and SLW are top notch and both companies are run well. LBSU on the other hand doesn't have anything I can say I would make me buy in big to the company. The management is questionable, it's financial status is very questionable, and their best assets (their Alaska gold projects) aren't being working on by LBSU as they should be.

So while I agree with your statement, "In my view, the stock market has always been a form of gambling. So, if one can't afford to lose, perhaps one should not play...", I rather gamble with companies with good defined deposits (preferably those close to or just starting production) and good management. My odds of winning then are much better.