Just one more note - yes, KXL is down so far today. But notice that GDX (gold juniors index) and the S&P 500 are down by pretty well the same percentage.

It has nothing to do with KXL. The market is breathing, of a sort. It is taking a slow series of gut punches - but KXL is not the market. KXL has its own story.

In a downturn, the beer companies still do well. People still drink beer. People want gold more than ever.

Let the market breathe, and KXL news can carry us forwards and up, gradually, over a bit of time.

all best / cedar