As far as the current situation on the precious metals market is concerned, we continue to believe that a short-term correction will be seen in a few days. Today, gold made a major headline on finance.yahoo.com as a no-brainer investment. Being fearful when others are brave is one of Warren Buffet's receipts for successful investing and we believe it currently applies to the precious metals market. Naturally, the long-term trend is up, fundamentals are great, and the medium-term correction is most likely over. However, on a short-term basis, it seems that precious metals simply need to take a breather before the rally truly resumes.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA