PH, Check out this series of posts, starting with Bullwinkle's nice charts of the gold situation: <a href='read_msg.asp?message_id=2938457'>#msg-2938457</a> <a href='read_msg.asp?message_id=2939392'>#msg-2939392</a> <a href='read_msg.asp?message_id=2939566'>#msg-2939566</a> <a href='read_msg.asp?message_id=2939646'>#msg-2939646</a> <a href='read_msg.asp?message_id=2939781'>#msg-2939781</a> Looks bearish, but again, not sure I'd be short. tantal