Ann: RIU Sydney Resources Round Up Conference Presentation, page-10

A few factors at play, previously discussed ad nauseam, keepinga hand brake on the PDI (and other African gold explorers/miners) share price.POG obviously does not have a massive impact on explorers, compared toproducers, but it certainly will shift focus to the sector which will generatesome cascading value. This will undoubtedly be compounded with furtherpositive news coming from PDI re drill results, benchmarks passed towardsmining permit, impressive future MRE etc.

I’m noticing a growing consistency acrossanalysts re an anticipated pancaking of the USD & rapid return togold by investors for a haven and central banks as a monetary anchor.

J Peterson interviewing P Schiff is worth a look https://www.youtube.com/watch?v=Q-5GORxIJPI. Obviously, Schiff has a vested interest, but he certainly puts forward aconvincing rational & evidence to back it.

Angus Geddes (Fat Prophets) comments from this morning:::

Gold is consolidating above the key breakout level while the USdollar remains precariously perched on support. A move is likely coming, butgold stocks still look cheap even if gold spot prices correct in theface of a dollar rebound. Warren Buffett reinforced the negative casefor the US dollar over the weekend with government spending and moneyprinting remaining unchecked.

My base case is that the Fedwill eventually push the US into a hard landing recession and will be forced tocut rates later in the year – perhaps even withoutfully completing the job to defeat inflation. This would provide one catalystfor sharply higher gold prices.

Gold stocks arealso inherently cheap in my view given most trade well down on the recordprices of a few years ago.

With spot gold prices nearhistoric highs (+A$3000oz in Australia) many are generating strong margins andsizeable free cash flows. Even if spot gold prices were to weaken (on dollarstrength), I have confidence that precious metal equities would hold onto mostof the recent gains.

Gold has broken out abovehistorical resistance which seems to be holding with each passing day. I amexpecting gold to consolidate and resume an upward path this year as the USdollar weakens.