Regarding the comment from Garick about the upcoming changes to capital gains, I just received confirmation from my CPA Michelle Boyer that I will be able to lower my short-term cap gains tax rate on the gold & silver options gains that I made in 2010 and 2011 from a maximum marginal tax rate of 35% to 23% by using a special rule that applies to Non-equity options (which would include options on SLV, GLD, GDX, GDXJ, UGL, AGQ, etc. just NOT options on individual options). The 1256 Contract rule taxes all short-term gains from these types of options as if the gains were 60% long-term and 40% short-term so that's a very good deal indeed. The firm I used was Boyer Tax Services in Phoenix which is a specialty CPA from for Stock Trader's and they were great to deal with and saved me a small fortune. You can read about them on the web or contact me in a private message if you need any more details. Get going SFMI and drill WEM fast and furious because the Tax Man is waiting and he's hungry! Khaki