Ann: Investor Presentation - August 2018, page-15

Thank you pezsaz and ozploarbear for your well balanced analysis.
We all appreciate your thoughts.

Yes, it certainly has been a trying times for gold bugs.

My thought is that the market as a sum has decided under the current circumstances gold has no reason to be USD 1250 0r 1300. So lots of large investors have liquidated their position, sensing that front running speculators/traders have either sold or short sold.
These group of speculators can be right for quite some time.
One thing I have also noticed that (since 2013)every time gold goes under $1200....a wave of buying bids it up above 1200 soon. Will that happen now...I don't know........but a very high probability judging by past history.

As far as SLR, I am comfortable holding it, being aware that a visit to 45-46c is a possibility.
As a business SLR is robust but since it's monstrous run up it has been carrying some excessive baggage.
The bull needs to lighten its load. The break of 50c does not bode well and under further gold price weakness...a lot of stop under 50c could be executed. I think that's what the market makers are attempting right now. I will become an aggressive buyer if that happens.