Two Conclusions

1. With Canada's resource nationalism, by mandating a tax on 35% of development capital, this has given advantage over smaller capital interests to larger capital interests.

The larger capital interest will always win out, unless the smaller can compete by paying a dividend.

2. Secondly, gold prices are not advancing as quickly as presumed, largely because nutters in the gold space are awaiting their armageddon, namely that final decline of gold prices, just like in the 1970's and higher interest rates and thus a mania.

In the meantime, the wheels have come off the cart from the whole BRICs thesis, which gold nutters point to as evidence of the onset of higher interest rates, and therefore the commodities supercycle. Interest rates have declined and are below inflation.