1) I believe that JP incorrectly called CEF an ETF. It is not an ETF - it is a closed-end fund. I should think that an accomplished money manager would know the difference.

2) Despite JP's comments both last week and this week, CEF is not diluted as a result of a share offering. The amount of gold and silver per share does not fall, but rather the premium drops, and gradually restores itself due to demand exceeding supply (much like coins, which are not "diluted" either).

3) During the Morgan interview JP implied that CEF is subject to confiscation. Which would be easier for the US govt to confiscate - gold in Delaware or gold in Canada? Hmmm.....

4) Is it possible that gold sales and storage are being offered to compensate for the reduction in management fees from the bombed-out PM exploration sector?

5) Speaking of which, from Baires' Q call I would deduce that they won't be buying any more Tyhee in the near future. Might they be selling into rallies?

Needless to say, "disappointment" is an understatement as a description for my personal feelings here. Trust no one - always do your own due diligence!

Strike