My Dear Extended Family,

Most commentators and participants in gold shares are under the assumption that the short interest is made of thousands of hedge funds, from the smallest to the largest. That is totally incorrect.

The short in gold shares is very concentrated in just a few large hedge funds with a few hangers on. This is why when there is no fundamental reason for selling they are manipulated against the gold price improvement, just like today. This is to play with your emotion.

The better companies from exploration to development and mining continue to increase their gold assets, knowing they are collecting mined and mineable money.

We will overcome this multi-year concentrated short on the gold shares that is totally illogical for good companies.

Respectfully yours,
Jim