Excellent summary Major. In addition to the points you bring up what's missing from the discussion is a shift change in the price discovery mechanics for Gold. I think this is key going forward. Recall one of Eric King's recent interviews with Sinclair where he was hard-pressed to get Sinclair to finally admit the Chinese and other large buyers are now increasingly bypassing conventional supply sources and are purchasing in LARGE size directly from producers at prices mutually agreed upon by those parties and not influenced in any way by prices the CRIMEX gang would rather see (also consider the impact of a growing proportion of metal produced by state-owned enterprises that does not enter the market at all.) I think the repricing of a growing portion of mined Gold in this respect will pose a mounting challenge to the Cartel's control of PM pricing going forward, as fewer Commercials are available to take the "suckers side" of the Cartel's naked shorts. The Cartel has shot themselves in the foot with their unabiding greed and are driving key participants out of the paper game - those few key sources that can supply real gold required to manintain leverage in this game. I imagine at some point that due to these forces the credibility of the paper markets will come under further scrutiny as the leverage of paper to metal increases beyond a reasonable point to sustain this charade-discovered prices. Next stop 100-200x leverage... and Beyond! (as Buzz Lightyear loved to say) Ten years ago "Another" predicted the markets would evolve in this direction and the only question is how inconsequential the CRIMEX will become going forward.