Everything you say is true GWR. Canadians have simply followed in the nefarious footprints of those who led. Of course that just makes it worse because it says two things: we (meaning they who are the Canadians now screwing us other Canadians) lack originality and we (they) can only mimic evil deeds, being one step behind.

As for the hedge funds and those late trades we see on level two at the end of the day.....we really don't know if it is indeed the investment bank who is doing it, a client such as the hedge fund colleague or the hedge fund directed by a US entity bent on the total suppression of all the JPMs in order to squash any interest in the PMs. They have their hired lackies posting and bashing like no tomorrow on most BBs. Of course we have the day traders etc. but they are miniscule in comparison. Then there are those who naked short just because they can and they can make big bucks doing it.

So what about consequences? So far there are none save a glimmer of a scrum forming on the horizon. Nothing to really worry about ...yet...but very soon. There will be the inevitable, very public scapegaots. Ahhh...but WHO will it be? And how big will it be? In my estimation it won't be the cakewalk it has been because the fallout this time will be on an epic scale and there will be blood demanded by the hordes...nothing less. Why? Because the pain coming down on the street where you live will detonate an anger not seen for generations.

So, as Jim Puplava and John Leffler and Eric King discussed, this time the scandal brewing is much bigger than Bre-X...much, much bigger. And lets be clear about one thing...it ain't only happening in Canada. That is chump change compared to Big Daddy as we all know. Hell, the US culprits operate from much loftier levels and I submit that we are mere followers and pawns (Jim Carney) ....and good for some deflection of sorts.

I have to think though that some sharp business ferret/s out there has already figured out that there is as much or more money to be made now on the long side. These PMs have a very long way to go and there are outside interests from strange lands who have the filthy lucre and more importantly, need the goods...the real thing, not paper.

As you say, there are more imaginative ways for miners to finance with forward sales etc. But listening to the boys in their above referred to discussion, it would appear that there are those who are substantial PM leaders now playing it straight and getting financed by US firms that want to make dough going up, not down...such as Agnico Eagle. And of course there are many others. So it is not as though the bad boys have the game right...just that they have had it working in thier own favor up til now. ...up til now...up til now.

I have to think the physical side will force the bad guys to change their game for many reasons, one being their hopeless entanglement in the short derivatives morass.