sharply are we not at risk of loss? Let's keep in mind we need to pay our bills to others as well. Will they continue to accept our word that we are good for the invoice or should we not be showing evidence of solvency via a backing mechanism whether it be oil, corn or metals? Gold as a first order is proof to others that we can collateralize and meet our obligations when necessary. From this perspective it becomes easier to understand why China, Russia, Brazil, Mexico and many others are in the process of bolstering gold holdings. This is no casual event. Billions upon billions are being spent by the various nations on an object with no intrinsic use. Now why would they be doing that? Furthermore, why would they be doing so in such numbers and volumes? Part of the answer of course is that gold makes up for deficiencies in other areas of their respective economies although that is really a topic for another day. It should be clear though that Gold has been the object of serious interest to some CB's for a number of years now and that this interest is growing as global currency uncertainties evolve. At some point though there will not be adequate sources of supply for all CB's with a desire to accumulate and this is where the rubber hits the road. Confiscation is all but assured on this basis although where it happens first is unclear. It is worth