To all; I want to comment on Jim Sinclair's comments yesterday "maybe the majors have just overplayed their waiting hand". I think he is absolutely correct and the "volume window" closed about 3-4 weeks ago. By "volume window" I am talking about the ability for a major to step in and take any sizeable position in the juniors. If you have watched any of the juniors you will have noticed that trading volume during Dec. and so far this month has really dried up. This means to me that the washout has already played out and ownership has already changed hands.

The change in ownership is very important because the "new" owners are not likely to let go of shares any time soon under almost any circumstances. The previous owners were washed and margin called out of positions while these new owners stood back and accumulated any and all vomited shares. Remember, for every seller there is a buyer. I believe this was an orchestrated plunge that allowed the "cabal" members a chance at some leveraged cover. In my opinion the majors needed to make their play no later than Nov. when the selling volume was still heavy. The volume has dried up and now the "easy pickings and low hanging fruit" is gone.

The recent buyers KNOW exactly what and why they entered, they are not in this sector for a double or triple. When all is said and done, the move from the July levels will be an atmospheric one, from the Nov. bottom the move will be galactic. The recent buyers and those who held firm know this and will not vote their shares over to a majors' bid.

This was clearly a blunder by the major producers as some juniors traded down to below "cash in the bank" levels, never mind equipment nor ounces in the ground. The window has closed and now even one bid by a major will ignite the rockets because the remaining supply of shares has vanished. The majors could have wrapped up ounces in the ground on the cheap, now that window has closed. I for one believe the future move from here will be a much larger one now that the washout occurred while the majors refused to step up and provide support. Had they stepped up to the plate when it was time, the drop would have been muted and so would the upmove. I say "hurrah for the majors", in reality they have added fuel to the tanks. The majors have not whispered a peep about the rigging on COMEX and have now let the opportunity of generations to pass. The managements are obviously "diggers" without foresight. The phrase "how many ounces do they have in the ground?" will become commonplace very soon in my opinion. Regards, Bill H.