Ann: Quarterly Report March 2015, page-24

Chair

Judging by your success in ramping GTE it will not be too long before MML is back under 50 cents and on its way to extinction. Not that I am saying MML is heading there, just that 10 to 20 ramps per day like what appeared on GTE is not a good sign.

Lets just see if MML can deliver on its promise and where the gold price heads to.

So far the gold price is only about USD50 off its low and we should be soon heading into the quiet season for gold (Indian demand falls back substantially) and the Chinese stockmarket is providing competition to gold as a home for savings.

The GDXJ and GDX have had a bit of a run on the back of improved profitability by some of the larger companies and are becoming disconnected from the gold price. At a minimum there should be a move down in the GDXJ and GDX to fill gaps lower down, plus gold is going to head lower again this year as the USD index makes its charge over 100 towards 110-120.

loki