Hi Coach:

I certainly appreciate where you are coming from. The complexities of the gold and oil markets are truly mind boggling and we are not privy to what is really going on until by proof of a huge jolt that may quickly and structurally suddenly change the way we think and live. Again, conjecture on my part.

I am most curious as to how the global competitiveness factor will influence the real market value of the JPMs. The seniors may be in the position of buying up assets at bargain basement prices but what about those Soveriegn Wealth Funds out East looking to lock in future resource supplies? Then the futures speculators could add to the froth. Surely the senior producers must be looking over their shoulder about now. Who will jump first..as we already see the M & A activity heating up at the top? How long will it take to filter down to a mad grab for resources in the ground...such as ECU and several others..that have the real goods? Who will be trying to kid who? When will a bidding war start? I can't see any gentlemen's agreements at that point.

Just a quick thought amongst many scrambling my brains.