Hi brew242003. First I would like to apolgize for taking so long to reply but I had pneumonia and was flat on my back for the last few weeks. The president of Ecuador has pulled a Charez and has threatened to nationalize the gold mining companies in his country. It seems like the gold stocks have taken a bit of a pounding since. Even MTO which is in politically stable Canada, has a NAV of 2 dollars a share, no debt, is unhedged and pours its own gold bars has shed about 22 percent since the Prez spouted his anti American dialoge. Take care. Bruce