Hi Tau!

I don't delve into the #'s too much, but I am not a huge gold bull myself. If KXL hits good (great?!) #'s, it will appreciate very quickly whether the POG is 1500, 900 or 700. If I thought Gold was going to 1500, kxl would not get more $ from me, but small, unhedged producers would. That said, I think KXL with it's energy and even base metals divisions has other irons in the fire that may pay off in the future. 2 years ago, everyone was fired up about Caribou, now it is the GM, maybe excitement will switch to the energy properties in months or weeks.

As for uncharted waters, I am of the belief we are always in them to a certain degree. If gold blasts off to the stratosphere, it may be from something totally unforseen (?) like new terrorist attacks, an assasination, mid east war, etc. Personally, I think if gold was going to benefit dramatically from US monetary policy, it would have done so by now, though with the POG near all time highs (not counting inflation) it is argueable that it already has.

BTW, there is a neat article in National Geographic (Jan 09) about gold. Some info on where demand comes from, and some stories of miners in 3rd world, and of course some pics of huge gold bars.

Also for what it is worth, some of my stocks getting stars in my PF are DSX (shipping), and POE (oil and gas), and also bought APV (solar) at it's recent low.

Cheers!