Dundee was a big player in the PP, only Wellington was bigger. Obviously Dundee was not happy with what they got in the PP and so they have been buying in the public market. They are not buying at market thought, just putting the bids on the ask side and saying thank you to the people selling.

Dundee has a past relationship with our CFO and from their report, got a fair share of time with NOT brass and probably know as much or more than anyone else. As long as they keep accumulating and the commodities super bull run keeps going, I believe we have nothing to fear. Those that fear that the sky will be falling any time now...Mr Newager for example, keep your eyes on copper and oil and nickel because of Noront. As long as these big indicators keep trending up, that means the big big boys believe commodities have only one way to go for now.

The US dollar has had many body blows over the years and keeps bouncing back. Their current situation is precarious but they can spin this for a long time before it comes crashing down. Also, too many countries own US dollars to see it fall flat on its face. However, I do expect the dollar to keep sliding and this will support much higher commodities. If the dollar implodes completly, then all bets are off as the global economy will be...

Since August 1st, Dundee is a net buyer of 889,100 shares at a cost of 1.9M dollars for almost 5M dollars in the last three weeks. Anyone here think they are making a bad bet?

Glorieux

	2009-08-04	423,000	1,222,393	2.89	376,000	1,085,383	2.89	47,000	47,000	-137,010	-137,010
	2009-08-05	229,500	579,313	2.52	182,800	463,163	2.53	46,700	93,700	-116,150	-253,160
	2009-08-06	820,900	1,894,176	2.31	967,600	2,293,293	2.37	-146,700	-53,000	399,117	145,957
	2009-08-07	65,500	163,843	2.50	178,000	445,478	2.50	-112,500	-165,500	281,635	427,592
	2009-08-10	219,400	492,502	2.25	221,700	500,982	2.26	-2,300	-167,800	8,480	436,072
	2009-08-11	248,000	506,217	2.04	207,200	422,317	2.04	40,800	-127,000	-83,900	352,172
	2009-08-12	695,300	1,637,989	2.36	429,700	1,007,374	2.34	265,600	138,600	-630,615	-278,443
	2009-08-13	118,400	272,852	2.30	49,100	115,925	2.36	69,300	207,900	-156,927	-435,370
	2009-08-14	83,600	184,526	2.21	6,000	13,680	2.28	77,600	285,500	-170,846	-606,216
	2009-08-17	238,200	494,712	2.08	208,300	435,492	2.09	29,900	315,400	-59,220	-665,436
	2009-08-18	80,100	173,216	2.16	49,700	108,273	2.18	30,400	345,800	-64,943	-730,379
	2009-08-19	144,500	313,351	2.17	41,100	91,242	2.22	103,400	449,200	-222,109	-952,488
	2009-08-20	573,000	1,311,317	2.29	272,700	622,259	2.28	300,300	749,500	-689,058	-1,641,546
	2009-08-21	157,700	365,674	2.32	173,700	412,290	2.37	-16,000	733,500	46,616	-1,594,930
	2009-08-24	163,500	361,940	2.21	7,900	17,459	2.21	155,600	889,100	-344,481	-1,939,411