Fundamental information on gold and silver turned more to the bullish side this past month, and we can point to three particular items as the basis for that conclusion.

Given the enormous expenditures that are required to bring any mining property into production, the industry can ill afford a regulatory system which, by reversing already existent approvals, can nullify the value of funds already expended.

Putting it all together, we have indications that the petroleum price increases could continue and we believe that if that is the case, the impact on precious metals would be positive.