to put that into tighter perspective, WWI with call it 3.5Moz...

to put that into tighter perspective,

WWI with call it 3.5Moz gold is trading roughly 50% the fully diluted EV of IVR - 53Moz Ag (or apprx 720,000 gold eq)

sure there's a decent slice of sov risk and silver GSR bullishness in that

disappointment causes churn. but churn brings in the non scarred

i dont buy into all this talk of non jorc 12 and i dont presume this time its different on delivery.

i simply look at it as a shorter term renewal cycle that has disproportionate upside - because of the above but also key is where I see gold itself going between dec and april - which is 45 degree up and to the right