Hi Fred!

Quite pleased to see you are posting regularly on the auld site, your take on the passing market scene. Most are rather interesting, many predictable but some interesting twists along the way, after the Fearless manner.

So far as I know, there were three main "groups" still active after K achieved its 90%. The biggest and most organized seemed to be the one led by the Edmonton guy. This seemed to fade away quickly and I missed seeing any details of the windup. Then our group was small and the heavy holders got jumpy, we packed it in. My position was no where near adequate to consider a lone hand and I had health concerns, too. You seemed to be and independent and individualistic force but with followers ready to act on your lead. Apparently, you still have your foot in the door. Anway, that was my understanding at the time. K admin seemed to continue to play games and I finally had their shares mailed to me after the year-end.

Well, I am pleased to see that you have a good word to say about NOT, since I, by no means an astute investor, managed to make that my main holding before the latest long slide. I tell myself it is time to get out and get gold, but as you know, timing is everything and my watch seems to be broken. I have been a strong supporter of NOT and continue to believe they have only scratched the surface of their potential. BUT, as per the thrust of many of your comments, I am doubtful that the world economy will play along until NOT matures. But then, they have uncovered some gold (not yet deemed amazing) and PGEs with the nickel.

Might I presume to ask you, Fred, if you think there is enough evidence of PMs on the NOT plate that the stock will win through a severe market crash? Obviously, it might be more years than I can wait for the base metals to come back, so I am wondering if there could be enough staying power in the PMs to see them through. Of course, the cash position is pretty good, so if all operations ceased for a while, the burn rate could drop to minimal.

I've read your disclaimers and know I must be fully responsible for my decisions. But I love hearing about NOT and any views you would care to propound will be gratefully received.

Best wishes to you and all ex-Aurelian types,

Orange Flash