there is a precedent for stockpiling bullion. i believe agnico-eagle did it once. aem is known as a gold company but it also produces substantial amounts of silver. back when paul penna was running aem, he withheld his silver from the market because he didn't like the price. that's an old school maneuver we don't see much any more. i don't expect we will see sso do that any time soon. ed steer of gata recently remarked that quartermain had been advised to keep more bullion and less cash, but he wouldn't listen. besides, the cash flow from pirquitas (and what cash flow it will be!) will be needed to finance the construction of san luis and pitarrilla. the company is going to grow rapidly with heavy cash requirements over the next 3-4 years, and if it is to grow organically and avoid further dilution, i don't expect we will see any cash or silver dividends for at least a few years. but capital appreciation is another matter! correction to my last post: the silver bullion was purchased during the silver market correction in 2004, not 2005.