hi yankee,

I'm sure there are many other PMJ shareholders who can empathize with your decision to pull the plug as enduring this gold bull is equivalent to climbing a icy slope with bare feet. I don't think even the most exceptional news will propel any of the PMJ higher at the moment given the unprecedented low sentiment in this sector. After more than 18 months of bleeding, the spirit of the JPM shareholders has been all but crushed.

I follow some other notable gold bug forums and have noticed a sudden increase in amount of white flag waving as some very long gold bulls are throwing in the towel. Is this a sign that the JPMs are headed to much lower levels or the first evidence of capitulation in the market? Only time will tell.

All I know is the fundamentals for gold have never been better and the anticipated destruction of silver demand through massive short selling has not occurred. After the last major correction of silver in the spring of 2006 there was plenty of silver around for purchase, this time there is practically none and demand has not subsided with price. I have heard suggestions that industrial users of silver will begin to hoard the precious metal while paying a premium to do so when they finally realize supply is in short supply. The recent price action in silver including today smells of desperation to me.

All the best.