Gold producers have sold forward about 3 years of production – this is unheard of. It means that they have sold all of the gold they can mine for three years, at today's prices. It is doubtful that they will sell forward any more. Instead, it seems more likely that they will either stop sales altogether, or begin to buy back the gold they sold. Some South African producers have sold forward 80% of their total mine reserves! Canada, which was selling several hundred thousand ounces of gold per month a year ago, has almost sold all of its reserves. Russia has done the same thing. Also, the U.S has been printing so much currency, that to sell any more gold, would be dangerous and would risk significant currency devaluation, particularly in times of uncertainty. So we don't think the central banks will be as active as before in selling gold to the market. The record US debt is threatening the value of the dollar. If the Government defaults, it can influence the World's confidence concerning the dollar. If it does happen, you can not imagine how high the Gold have started moving up already. The gold index has broken a 2 year trading range, and we project another 20-30% gain at a minimum. Even the Kontradief wave theory pattern is bullish for a strong upward move , and projects prices into the mid $400's for gold, and $7-9 for silver. All of this is good for prices in all tangibles.