I had begun to restore a longer term position in NOT around $1.52-3 . Unfortunately, today's international events are a major yellow flag and I will hold back until there is clear visibility (=action) by the EU . That could happen tomorrow, but the German political drag is ferocious. A month or more could mean a substantially higher USD , higher gold/silver, and lower everything else. The problem is that the best base metals/majors can continue to get hammered until the EU is sound. Established gold and pm related miners can thrive. But money will continue to flow from base metals to precious metals. Outfits like VALE and CLF will be much less aggressive with long term project risks as they assess the base metals prices can get caught in a Euro related meltdown/USD melt-up. This is no longer the garden variety uncertainty we had before, as the Euros look quite paralysed. A good time to be careful, with some good chances to buy base metal juniors even lower for now. The double whammy for Cdn based assets is the loonie moving even higher in June on impending rate differentials, against a USD that remains strong against a feable Euro. This cannot be a long term survivable scenario for the poor Euro, but the paralysis today is looking more like a coma , which will ultimately impact the EU real economies. NOT is at current valuation risk because long term projects risks unrelated to resource have now increased. Time to check the weather, and I may resell what I have , though I don't have shorting in my blood. I'd rather buy back or add at $1.75 in an environment where major currency risks have settled down.