I want to revisit a couple of points about Jay Taylor getting a little bearish. First of all, he recommended holding producers. Secondly, he recommended holding some juniors, the ones that he felt were well cashed and could ride things out. So he didn't jump ship, he just threw some of the dead weight over-board.

I think that was a gutsy call for a fellow who has been so bullish all along. None the less, it is ironic that we've seen gold and gold stocks move up at about the exact same juncture as Mr. Taylor tossed those little bags of junior paper over the side.

For those who have respect for FB... and of course you all know that I've been asking for a Frank Barbera bobblehead doll for Christmas this year.... he has been pretty accurate with his calls this year, having really only seriously missed on a couple of occasions. I urge anyone that hasn't to read his freebie column on FSN. In his paid newsletter he pretty much got the timing of yesterday down to a tee....

Lastly, I saw it meantioned somewhere on this board that I have tossed in the towel... I would like to correct. I have not. However, I do think that before we see any kind of sustainable move up in the juniors we'll first see it in the producers. Perhaps this is were Jay is coming from. Certainly FB is into producers, CEF and physical gold... after I see this run, I'll be taking some profits on Goldcorp and putting that money into juniors. For now, I still hold a lot of juniors. I would probably sell them but what am I going to get for them? I don't think it's worth selling them at these prices.

A year ago I could have cashed out some of these positions and bought a Mercedes with them... now I can't by a Vespa... and how dearly I want a Vespa right now.