I am still a believer in a fiat devaluation and as such remain fully invested in PM equities. I have trimmed my exposure to the penny stocks (junior explorers, emphasis on junior ) and have sold out all of my margined postions. I also have done my tax loss selling early this year with the intent of buying a select few companies when everyone else is selling for their tax losses, presumably in December. All new money that I want to invest is going into physical silver bars bought by monthly purchases. I still maintain a substantial amount of SGR in my RRSP's, however after this Q3 update I am starting to feel the frustration many others have expressed over the last 2 years.