One final note, we have been asked time and time and time again… and most notably a great deal in the course of the past several weeks… if it would not be wiser to be long of gold stocks than of gold itself and our answer is always the same: “Why?” Why own a gold stock, if one wishes to make an implied bet on the direction of gold when one can avail oneself of the futures and/or of the ETFs without having the additional exposure of risk to mining operations? Yes, the gold miners have, in the case of Barrick, or Newmont or other clients of TGL, leverage on earnings and their fundamentals are compelling to say the very least. But for now and for the future, money bet on gold makes its way into purer plays and avoids the business risk of mining.