bly's new announcement, page-14

The question DT, is: Is the glass half empty and draining or is it half full and filling?

You have obviously switched from the half full perspective to the half empty perspective ever since you sold out at 15.5c despite the improved metal prices etc ...

I have always acknowledged the glass isn't full. But to me it is half full, and is continued to be filled.

At the depressed level of the 1st quarter of 2009 the company generated positive EBITDA. Banks have a number of choices with their capital. They can either:

1. Hold their capital and not lend so to avoid risk and also make no interest income, or
2. Lend to companies that make losses, or
3. Lend to companies like BLY, who despite a very challenging environment still generated positive EBITDA.

Is it not reasonable that banks will choose option 3?

As for metal prices and volume, they don't have to be back to previous peak level for BLY to survive, particularly now that it has significantly reduced its cost base.

I must admit you have such an uncanny ability to put a negative spin on anything positive others mentioned.

Did Peter Schiff foresee this bear? He did, didn't he? Maybe that would be why he won't be able to foresee the next bull.