Ann: June Quarter Report, page-37

Thank you Mr Slange,

My understanding is that geopolitical risks tend to be overdone. I think as you say, when the gold price strengthens, then the risk will be forgotten.

I`m not sure these days that there is anywhere that does not have some political risk, look at Canada and the Trudeau govt for instance.

Vangaurd just took a 5% stake in WAF, I can`t imagine that they would have been unaware of the new code in BF about to be instituted, perhaps there are some shenanigans going on?

I have my eyes on the winning line and the big picture. When the economic SHTF, as I think it must do, I think there has to be an influx of money into the PM sector, what else would there be left to invest in if we go into a worldwide depression which some commentators seem to suggest? If that transpires, investors will be grabbing at anything PM orientated just to preserve their wealth, at the moment, this volatility seems to be a sideshow which is perhaps a pre curser to the main event.

As you say, we shall see.

Thank you for the charts.