What we do know:

1. WEM is as advertised...maybe better than advertised. It surely has the goods to enable SFMI to demand a healthy buyout offer.

2. SFMI is diluting. Nothing shocking here. We all knew they would dilute...all JPM's do. What we expected, however, was that revenue would begin to offset the costs associated with operation. That's what we were told would happen. That's what we expected to happen. That's what hasn't happened. Hence four cents.

3. Roger Scammell has come and gone. Why did he come and stay for such a short time? Time will tell. This much we can all agree on: he at least helped point SFMI in the direction they needed to go. We'll see how successful they are in the pursuit.

4. Regardless of the amount of shares that have been dumped on to the market, someone, somewhere is accumulating. Who and why? Time will tell. Someone believes in the future of this company...or someone likes to throw a LOT of good money after bad.

5. The family still sits on the BOD. Why? I cannot think of one good answer...especially since Pierre already has a voting majority. Maybe I'm missing something...can someone help me out here.

6. Gold and silver appear to be as good a place as any to put your money in the short term...and the best place to put your money long term.

Conclusion...

Even the most staunch longs must have worn a patch bloody scratching their heads about where we are at this stage in the game. My personal feeling is that we will all make more money than we have put in...but maybe not as much as we initally thought. Maybe we had crazy expectations. Maybe we were deceived by the many "rumors." Whatever the reason may be, I still think we will all walk away from this SFMI/GHDC venture well compensated. Pierre may be getting the cream(and rightly so: he put this thing together)...but there will be plenty of milk for the rest of us! I am not a fan of what has transpired in the last year, but I am still in the game till the end...albeit realizing just how confusing and frustrating this game of investing can be.

Long and (a little less) strong, Sphin

PS...I miss Sinbob. It was a kick in the gut to see him go.