Greg Orrell discusses investing in precious metals. Mr. Orrell says the industry is trying to rediscover its identity where bullion ETF products have been added to the mix. He believes we have reached peak gold production with a new sense medicineid.com of business discipline taking root, and is seeing a trend of new mines being higher grade but smaller in size, with improved economics. He talks about why investors should own both mining companies and bullion, and how his firm constructs its portfolio. Companies discussed: AngloGold Ashanti Limited (ADR) (NYSE:AU); Newmont Mining Corp (NYSE:NEM); Barrick Gold Corporation (USA) (NYSE:ABX); Randgold Resources Ltd. (ADR) (NASDAQ:GOLD); Mandalay Resources Corp. (TSE:MND) and Lonmin Plc (LON:LMI).