Between gold and silver, silver of late has exhibited some resilience. So for someone who wants to pick and choose between gold and silver, which commodity would you like to endorse?

I would prefer silver because it is still depressed on a historic basis. Silver is 30% below its all-time high. Gold is 10% below its all-time high. I would prefer one just on relative value, silver is probably better. I am not buying either today, but I am certainly not selling. If they go down, I will buy more.

The base metals have seen a good October. Support is also coming in from a decline in inventories, consolidating US economic data and China buying. Would you turn a buyer in this space?

I own mainly precious metals and agriculture. I own all commodities, including base metals. So certainly base metals have a huge wonderful future. People have not been opening many metal mines in the past 25 or 30 years. There has only been one lead mine for instance opened in the past 30 years. So base metals have a terrific future.

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