As hard as this is, I think it's ultimately good. I have watched my positions churn up, churn down, never really going anywhere for the past year or two. I think this cleansing will get a lot of the weak hands and speculators out for good, leaving just the investment value of companies to realistically drive their share prices.

I had a bit of back-and-forth with Bob Moriarty this evening. Here is his final word:

I think it goes beyond once in a lifetime to once in history. The phychology is far worse than in 2001. In 2001 gold was $252 and silver got down to $4. There was very real risk. There is risk today but nothing like that.

ATW has a $16 million dollar market cap today and $10 million in cash and will be in production in a couple of months. In reality they should be worth $700 million. They have over 1 million ounces of gold equal in one of their two mines/mills. Have $50 million in plant and equipment.

Ivory Energy Debentures IV-DB at .60 are paying 33% and are a call on Ivory shares at $1.

Arian Silver had 80 million ounces of 43-101 silver. You can guess 200 million ounces total. Shares at $.10. You are getting 1.5 ounces per share.

You will never ever see prices this low again. It’s deleveraging and nothing more. Throw money at the market. I see 50% of juniors being 200-300% gainers in 6 months. You will never see this again, it’s better than 2001.

Bob