Warp, Your assumption is not that accurate. Look at the HUI compared to the crash last year; it's up quite a lot. On the other hand, the junior PM's have not seen the same rise in price and ECU is a good example of it. Unfortunately I have put a lot of extra funds in the junior thinking that the bottom was in! I have no idea when that situation will revert and we might see a more normal relationship between the valuation of the seniors and junior PM’s. I sure hope we can see a decent rise in gold and silver in the coming weeks or else we can probably expect some further selling related to tax loss reasons in the last quarter.