Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

Dan...

I noticed this morning that GG/GLG was almost back to parity -- forget the logic behind it, the spread trade has been one of the most reliable around for a long time. Congratulations.

I am hanging on to my WHT and its warrants for the time being. With my most recent and highest cost warrants now up almost 70%, it is very tempting to lock in some profits there, so I may begin scaling out of at least the older warrant positions before long.

Like you, I wish the BGO assets were somewhere other than in Russia where the cost of payoffs to bureaucrats, the Russian mafia, local tradespeople, and keeping half of Russia in Vodka in order to conduct operations (not to mention just the cost of mining in Siberia, 9,000,000 miles from civilization) adds greatly to the cost of doing business. Nonetheless, it is apparently a world class deposit they are sitting on, and that makes BGO a worthwile speculation.

Thanks.

mlsoft