I agree, but the unfortunate reality is gold is a commodity, and commodities at this time are really getting killed. But, it is hard to argue agasint the intrinsic value of gold especially if the likes of Russia, China, and India are hoarding it by the tons. That's what makes gold different. The physical demand is much higher than the paper demand. The banks, and hedge funds were brilliant when they created the paper etfs like gld, and slv. Paper prices can be manipulated by shorts. Gold, and silver have been, and always will be real money, not fiat crap paper currency. That is why I like gold stocks. They have a real product, with real value, that has been validated by thousands of years of human consumption and desire. Can't beat it. My question is how much does Joel keep in reserves. Mnay gold companies keep physical gold in their reserves. I am wondering if Joel is going to do the same.