Dear CIGAs,

GOLD STOCKS ARE GETTING CHEAPER VERSUS THE METAL ITSELF

In recent months, gold stocks have lagged in their performance and have not kept up with the appreciation of gold itself. As a result, we have been shifting some of our gold investment into shares and away from the metal.

We continue to favor shares with as little derivative exposure as possible. We have been purchasing those with a royalty model, or those which self finance through share sales.