Ann: Change of Director's Interest Notice , page-9

This is what I also meant - we watch the price of futures contracts on the chart, and the price of buying physical is still closely linked.

By smashing the futures with massive naked shorts - the spread between physical and paper is stretched.

My poorly worded point is that if it is stretched too far, then it will break and real price discovery for physical gold and silver will be revealed.

Will it be astronomical or will it will it be somewhere close to production costs - nobody really knows. Personally I still think selected producers with-out debt and with blue sky are the way to play it at this point, but I will grab a little physical if possible if it goes below cost of production.

Sad that the early movers are getting so badly burned, while others can wonder in and pick up the pieces.