Gold & Silver

Eight months ago, equties hit their highs as did many commodities.

Since then, gold is dead flat and dropping fast. Silver, the so-called "poor man's gold", is down over 40%.

Equities in North America are down less than 5% over the past 8 months, and the U.S. dollar is considerably higher.

Over the past six months, the dollar and equities were quite profitable long holdings while both gold and silver were relatively big losers.

The recent trend, to us, is self-evident and we believe will continue throughout the New Year.

We go into 2012 very short, already very profitably, gold and silver. Going forward we're much more likely to see ZSL over $50 than silver. Gold should prove more stable, but still drop.



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