Ann: Gruyere Mill Ramp Up Progress, page-23

Hi Chris,

I certainly won't call you dumb!
I think when things unravel in an orderly way, gold miners do well with the rise in the gold price.
When things unravel in a disorderly way, like the 22% drop in a day in 1987, then everything gets caught up in the liquidity crunch. People just sell everything good bad or indifferent. Under that scenario, gold miners tend to take a hit along with everything else. (Eight out of the last 10 crashes).

My fear is that we may be moving from an orderly unravelling of the financial system to a disorderly one. Hence although I think GOR is a great company with an excellent operation and wonderful exploration prospects, I am sitting on the sidelines for the next little while. The price action on the market over the last couple of days has shown a negative divergence between the price of gold and the price of the miners. Again today, gold rose and the miners did not. I think this is people beginning to leave the building and I don't want to be the last out the door.

Cheers,
Tim.