Season's Greetings to all. May all of us have a healthy 2010 filled with friends and family as they will become increasingly important as the year unfolds.

It is very comforting to know that the masses are oblivious to the rise in Precious Metals the past nine years. I have done an informal survey the past few weeks of a wide cross-section of the skiers here at Sun Peaks (lots of time on the chairlifts and a new group each run). They are mainly from the US, Aust, NZ, the UK and Canada with a few other EU states represented. This week the Japanese are here but it is difficult to converse due to the language barrier. After a bit of chit-chat, I ask how the situation is in their country and how they are investing to survive the economic realities we are facing. Surprisingly, alot complain about buying too large a home and the associated costs. Most are struggling with some form of debt. If they have investments, it is usually a CD, GIC or other fixed income instrument receiving less than 4% at best. Individual stocks were not popular but most had Mutual Funds in their retirement plans but did not know what they were invested in. I was not surprised when I asked their opinion of Gold and Silver. I have only met three persons who had a favourable impresion of PM's and the miners. Even then only one individual owned stocks the other two had bought some PM Mutual Funds. My sample size is over 250 and growing. Notably, not one of my skiing friends from last season has bought PM stocks.

Conclusion: PM stocks have a long way to go. It is so true that the retail investor has fled to fixed income leaving the equities to the pension funds and investment banks. There is still a lot of personal debt to default or pay off before the recovery can begin. As a part-time US resident, I find my US neighbours do not seem to appreciate the gravity of the situation they face. I give them credit as they are as a group very optimistic about their future. Hope it works out for them as I hope to continue to enjoy my Summers and Fall there without facing a nightmare situation.

I still have not sold any of my Tyhee shares since buying back in the autumn of 2008.

Woody