Quote from Bob Hoye:

"Some have wondered why, in the face of another slide in the price of senior golds, we have been accumulating smaller caps on weakness. Well, it is the only time that they can be accumulated, and for bigger accounts it could take any number of months to get positioned. Funds that can could participate by taking down financings.

After such outstanding gains we are carrying a fair amount of cash that should not be fully employed on the short side. As to small-cap golds - the party could be starting by early in 2010 and rolling by this time next year. Always look to the bright side."