Ann: Shortfall Placement and Appendix 3b , page-23

Something else that has been crossong my mind of late is that in previous significant gold and stock market events, after gold commences its decline, gold stock are usually at their peak as the stock market has began to gain traction at the same time gold goes off the boil.

Currently gold is well off its highs although gold stocks are depressed also. Adds weight to the argument that gold has plenty more left in this 15 year bull market and gold stocks have yet to be valued in the market for all their glory.

On another note, I was going back over the Enron debacle, the way Schilling managed to convince the market paper energy was as good as real energy and consequently enabling Enron's traders to perform a number of tricks with the paper to manipulate the price of real energy smells very similar to the gold ETF situation. Cant remember the numbers but how much more paper gold in the world than real gold? it was mind boggling.