To say that people in the mining business are enthusiastic is an understatement. It wasn't too long ago that the whole world couldn't get enough of Bre-X Minerals, only to discover one of the biggest gold finds was a complete fraud.

There's no question that the precious metals industry does come with some high-risk/super speculative attributes. All industries, however, go through ups and downs and there is most certainly a cycle that brings individual market sectors in and out of favor. Economics 101 does have some validity here.

Right now, there are all kinds of great investment opportunities in the precious metals sector. Not only are the producers of ore going up in value on the stock market, but so are related service companies. These are companies that help the mining industry do its business. The icing on the cake is that mining companies are awash in cash right now due to rising precious metal prices and because investment capital is flowing to the industry.

One company that I personally like and have talked about before in this column is Caterpillar Inc. Here is a large-cap equipment manufacturer serving the rising demand for heavy-duty mining equipment. Alternatively, consider Major Drilling Group International Inc. This Canadian company is one of the world's largest metals and minerals contract drilling service companies with operations all over the world.

Finally, there's Joy Global Inc. from Milwaukee. This company is currently experiencing a boom in its business, which is distributing all sorts of mining equipment from shuttle cars to roof supports for mining shafts.

I continue to think the most notable investments in 2006 will be related to the booming precious metal sector. Along with some pure play producers, why not consider a mining services company for your portfolio? Just like the oil and gas industry, which is rolling in money, the mining industry is about to experience another cyclical boom