IMHO, Dundee (NED) and Cormark have set the wheels in motion over the past few weeks for near term low risk arbitrage! No doubt the "arbs" are already lining up their positions, part of which was the high volume posted Friday!

Of course any companies with cash, which range over the whole market from Goldcorp to Birkshire and anyone in-between will invest some or all of that cash in a solid "arb" before US Treasuries or the like because their potential for higher returns is considerable! Investing in an unannounced future event that will have an accellerant effect on SP is by definition "risk" arbitrage. Many "arbs" will wait until the event is announced, but 21/2 ozs over twenty ft may have pre-empted even some of the more patient!

Expect the "arb" positions to continue to grow which at some point will trigger exponentially higher SP as those whose interest in lower SP lose control by virtue of "fatigue," resulting from ever increasing volome from outside their "tight" little circle.

A "perfect storm," pushing SP to levels even the most optimistic can't imagine, may be in the offing!

JMHO

RUF