Oil and Gold, page-6

Yeah that's a big move in oil, gold has done well considering. What the increase in North American production & others has done as taken away some of the geopolitical risk around oil & that's a negative for gold. Yes Western demand is weak, but supply is also higher & the gas revolution as well. There has also been considerable increases in fuel efficiency in the last decade. Lastly you can betcha Russia is selling oil directly to China. I think Saudi knows the writing is on the wall for oil in regards the combustion engine being eventually replaced due to emissions & what's the best way to combat that, making alternatives uncompetitive .