The last ~40 years of finance & economics have not been typical of the last 300. Due to its unique place in the world, starting in 1971, the United States was given a privilege that countries historically rarely get – printing paper money that the entire world treated as gold. The few comparable situations where this has happened in the past have resulted in disaster. This privilege is coming to an end and is one of the key trends you see represented on The Financial Panner. The fact that a significant portion of the world is awakening to this trend, as it is openly available for anyone to witness, is why things will be different this time, regardless of the recovery, recession, and depression labels.

Here are some highlights from an article on MSN titled “Your dollars are just Monopoly money”:

• Since Nixon severed gold from the greenback in 1971, the dollar’s comparative value has fallen 97%. Money printing today will only hasten the currency’s destruction.
• Let’s face it. Dollars — the things we call money — are simply pieces of green paper. They are just a state of mind. They have no intrinsic value and are just wampum. Thus, they’re not worth anything. Furthermore, all paper currencies historically have lost all of their value.
• On the other hand, gold — which has been in an eight-year bull market but still receives far more derision than praise — has been money for literally thousands of years.
• In fact, the green paper has lost 97% of its value compared with gold since President Richard Nixon closed “the gold window” in 1971. (He ended the promise that dollars could be exchanged for gold.) Yet people seem to be more terrified of owning gold than dollars.
• The likely outcome as we proceed down the road is liable to be more and more fear about what a dollar is actually worth (i.e., nothing). When Main Street psychology turns against the faith-based currency we call the dollar, it will be nearly impossible to get that genie back in the bottle. Of course, this is part and parcel of the funding crisis, though the dollar’s meltdown could start before all of this dawns on Main Street, as it appears already to be dawning on America’s creditors.
• So, if you’re not in the habit of thinking about the dollar and the effect its depreciation is having (and will have) on you, consider this: Basically, you are the frog that’s slowly being boiled in water, and at some point you’re liable to face a similar demise, financially.

The above article is reminiscent of others which initially appeared on the internet 5+ years ago mostly on “underground” websites. The fact that an article with this type of content appears in mainstream press points to an exponentially increasing awareness of the subject matter. As the awakening progresses, gold continue to hit new highs, as it has recently by crossing the significant $1,033 mark. Nothing goes straight up, and there will most likely be pullbacks (buying opportunities), but the crossing of this mark is extraordinarily significant.

Here are a few headlines from www.drudgreport.com to show you the in your face aspect of this trend. The first headline appeared the night of October 11, 2009 and the second appeared the following morning – both headlines described the same article titled “Dollar facing ‘power-shift’: analysts”:

Regardless of where you may fall on the matter, given magnitude of the evidence brought forth week after week, at the least, wouldn’t some level of insurance, ala gold, be prudent?

UPDATE: Audit the Federal Reserve

http://www.auditthefed.com

• H.R. 1207: Federal Reserve Transparency Act of 2009 now has 303 co-sponsors, up from 301 last week.
• S. 604: Federal Reserve Sunshine Act of 2009 now has 30 co-sponsors, flat from 30 last week.

MSNBC’s Dylan Ratigan To Chamber Of Commerce’s Tom Donohue: “You Talk Nonsense” (10/14/09)

http://www.youtube.com/watch?v=wiRfVdfZ2G0

Federal Reserve Exposed on Bill Maher by Richard Belzer (10/11/09)

http://www.youtube.com/watch?v=wcgCqpRaoiw

The Truth on The Dollar Demise (10/9/09)

http://www.youtube.com/watch?v=BrD9sBBFFrc

10/7/09 Peter Schiff on Fox Business: Gold to hit $5000/oz!

http://www.youtube.com/watch?v=dFDGNmP4y5w

CORPORATE COMMUNISM – Dylan Ratigan, MSNBC (10/7/09)

http://www.youtube.com/watch?v=BnTuq7XuD8U

Bank of America: $2.2 billion loss (10/16/09)

http://money.cnn.com/2009/10/16/news/companies/bank_of_america_results/index.htm?postversion=2009101610

• Bank of America had its latest setback Friday, suffering a steep loss as increasing numbers of Americans defaulted on their credit cards and mortgages.
• The nation’s biggest bank lost $2.2 billion in the third quarter, after getting hit with a number of costs associated with the government’s move to rescue the firm over the past year.

Russia ready to abandon dollar in oil, gas trade with China (10/14/09)

http://en.rian.ru/russia/20091014/156468599.html

• Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.
• The countries are reportedly seeking to switch from the dollar to a basket of currencies including the euro, Japanese yen, Chinese yuan, gold, and a new unified currency of leading Arab oil producing countries.

Dollar faces long journey downward (10/13/09)

http://blogs.reuters.com/great-debate/2009/10/13/dollar-faces-long-journey-downward

• For policymakers, and not just U.S. ones, the puzzle is how to allow the dollar to fall gently without precipitating trade friction or a disastrous loss of confidence. Because it’s more or less in everyone’s interest, it will probably more or less be avoided. A weaker dollar, though, is simply consistent with the outlook for the U.S.
• A long shamble downwards rather than a fall off a cliff looks to be in the dollar’s future.

Obama Dollar Retreats Most Against Commodities in Wealth Shift (10/13/09)

http://www.bloomberg.com/apps/news?pid=20601087&sid=a7mHS_OElufk

• President Barack Obama’s effort to lead the world economic recovery by spending the U.S. out of its recession is undermining the dollar, triggering record commodities rallies as investors scour the globe for hard assets.
• As threats of a financial meltdown fade, the currency is falling victim to an unprecedented budget deficit, near-zero interest rates and slow growth. The dollar is down 10 percent against six trading partners’ legal tender in Treasury Secretary Timothy Geithner’s first eight-and-a-half months, the sharpest drop for a new occupant of that office since the Reagan administration’s James Baker persuaded world leaders to boost the deutsche mark and yen by debasing the dollar in 1985. This year’s drop followed its best two quarters in 16 years.

Dollar Reaches Breaking Point as Banks Shift Reserves (10/12/09)

http://bloomberg.com/apps/news?pid=20601087&sid=aA6_py_71g_o

• Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.
• Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according to data compiled by Bloomberg. Nations reporting currency breakdowns put 63 percent of the new cash into euros and yen in April, May and June, the latest Barclays Capital data show. That’s the highest percentage in any quarter with more than an $80 billion increase.
• The dollar’s 37 percent share of new reserves fell from about a 63 percent average since 1999. Englander concluded in a report that the trend “accelerated” in the third quarter. He said in an interview that “for the next couple of months, the forces are still in place” for continued diversification.
• “The world is changing, and the dollar is losing its status,” said Aletti Gestielle’s Fiorini. “If you have a 5- year or 10-year view about the dollar, it should be for a weaker currency.”

Dollar facing ‘power-shift’: analysts (10/11/09)

http://www.breitbart.com/article.php?id=CNG.ee8e6856c300b312ea0f64a4522381ca.481&show_article=1

• The dollar’s position as the world’s leading reserve currency faces increased pressure as the financial crisis allows emerging economies greater influence on the world stage, analysts said.
• “And finally, as long as the US economy is not strong enough for any rise in interest rates to be conceivable for a long time, the dollar’s underlying downtrend will remain in place,” added Juckes.

‘Benign currency neglect’ could spell real danger for US economy (10/10/09)

http://www.telegraph.co.uk/finance/comment/liamhalligan/6292787/Benign-currency-neglect-could-spell-real-danger-for-US-economy.html

• What’s happening to the dollar? That’s the question dominating the world’s financial markets. Last week the US currency fell, on a trade-weighted basis, to a fresh 14-month low. The dollar’s decline is now gaining momentum.
• Many American economists say the greenback is falling because the global economy is recovering – so investors no longer need the dollar as a “safe haven”.
• That’s nonsense. The reality is that “safe haven” status has shifted away from the dollar and towards tangible assets that the US government can’t debauch by printing more of them.
• The dollar is also falling because that’s what the White House wants. “It’s important America continues to have a strong currency,” said US Treasury Secretary Timothy Geithner last week. “We’ve made clear our commitment to a strong dollar,” added Larry Summers, the Head of President Obama’s National Economic Council.
• These men insult our intelligence. The US government desperately wants a weaker dollar – so boosting exports while lowering the value of America’s massive foreign debt. The currency markets will keep betting against the greenback as they know the Federal Reserve will do nothing to stop a weaker dollar coming true. “Benign currency neglect” is the cornerstone of Obama’s recovery strategy.
• The danger is, though, that “the rope slips” and steady decline turns into nosedive. If the dollar did tip into free fall, US inflation would soar and interest rates would skyrocket – whatever the Fed now says. The world’s largest economy would then face “stagflation” – the nightmare combination of recession and high inflation.
• This danger is very real, not least because the rest of the world is seriously concerned at America’s wildly expansionary fiscal and monetary policy. That’s the fundamental reason the dollar is falling.

Gold price ’set to double in four years’ (10/10/09)

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6294000/Gold-price-set-to–double-in-four-years.html

• Gold prices, which hit record highs last week, could nearly double again in the next four years, according to a report to be published tomorrow.
• Analysts at Edison Investment Research have predicted that the price of gold price could hit $1,879 (£1,185) an ounce by 2013, driven by the aggressive monetary policy of central banks around the world and a chronic shortage of the precious metal.

U.S. states suffer “unbelievable” revenue shortages (10/9/09)

http://news.yahoo.com/s/nm/20091009/pl_nm/us_usa_state_budgets

• The U.S. economy may be creeping toward recovery after the worst slowdown since the Great Depression, but many states see no end in sight to their diving tax revenues.
• Tax revenues used to pay teachers and fuel police cars continue to trail even the most pessimistic expectations, despite the cash from the economic stimulus plan pouring into state coffers.

Banks cutting back on loans to businesses (10/9/09)

Credit squeeze on entrepreneurs threatens to derail recovery

http://www.marketwatch.com/story/banks-cutting-back-on-loans-to-businesses-2009-10-09?link=kiosk

• According to weekly figures provided by the Federal Reserve, total loans at commercial banks have fallen at a 19% annual rate over the past three months, while loans to businesses have dropped at a 28% annualized pace.

$5,800 gold? But stocks okay, too. (10/8/09)

Commentary: After a good decade, Aden sisters gleeful about gold

http://www.marketwatch.com/story/after-a-good-decade-5800-gold-2009-10-08

• They conclude: “The focus now is on the next phase of the current rise. If we continue to use proportions, the bull market’s second rise from 1976 to 1980 gained 750%. Using the same growth and applying it to the current bull market, we could see gold eventually reach $4100 during the next run-up. And if you take the entire bull market gain in the 1970s at 2300% and extrapolate, then $5800 would be the equivalent upside target.”

Asia steps in to support dollar (10/8/09)

http://www.ft.com/cms/s/0/1e894c54-b40f-11de-98ec-00144feab49a.html

• Asian central banks intervened heavily in the currency markets on Thursday to stem the appreciation of their currencies against the US dollar amid fears that their exports could be losing ground against China.
• The mainly south-east Asian countries have been spurred to defend the competitiveness of their currencies by China’s decision to in effect re-peg the renminbi to the dollar since July last year.
• Simon Derrick, at Bank of New York Mellon in London, said: “Other Asian central banks outside China are naturally looking to aggressively defend their competitive edge against undesirable currency strength as the dollar weakens.”
• However, traders said that the central bank interventions appeared to be aimed at controlling the pace at which the US dollar declines rather than solely to stop Asian currencies appreciating.

FHA Shortfall Seen at $54 Billion May Lead to Bailout (10/8/09)

http://www.bloomberg.com/apps/news?pid=20601087&sid=akid0YM8dlH0

• The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because it has $54 billion more in losses than it can withstand, a former Fannie Mae executive said.
• “It appears destined for a taxpayer bailout in the next 24 to 36 months,” consultant Edward Pinto said in testimony prepared for a House committee hearing in Washington today. Pinto was the chief credit officer from 1987 to 1989 for Fannie Mae, the mortgage-finance company that is now government-run.

Home Sellers in U.S. Cut Prices by $28.4 Billion, Trulia Says (10/8/09)

http://www.bloomberg.com/apps/news?pid=20601087&sid=aPKdx2VMGEBg

• U.S. home sellers cut their asking prices by a total of $28.4 billion to attract buyers as the real estate recovery stalled, Trulia Inc. said.
• The average discount was 10 percent as of Oct. 1, the San Francisco-based real estate data provider said today. Homes listed for more than $2 million were cut the most, with owners taking an average of 14 percent off the original price. Luxury homes accounted for 25 percent of all of the reductions.
• “Consumers have to be slashing the prices of the homes they list,” Pete Flint, chief executive officer of Trulia, said in an interview. There’s a “significant inventory” of homes for sale. “You’re still going to see further price declines before the market stabilizes in 2010.”
• Half of the 10 states with the highest percentage of discounted homes are in the Northeast: Massachusetts, Rhode Island, Connecticut, New Hampshire and New Jersey. A third of residences for sale in those states were reduced at least once, Trulia said.
• New York, California and Florida accounted for 35 percent of the total value of price cuts nationally. In Nevada, Idaho, Arizona, Wyoming, Hawaii, Utah and California, sellers have dropped an average of 13 percent off the original price, according to Trulia.

I-Believe-in-Strong-Dollar Turns Relic as China Begs (10/8/09)

http://www.bloomberg.com/apps/news?pid=20601083&sid=aPoUCijvAfCk#

• More than a decade after former Treasury Secretary Robert Rubin made the “strong dollar” national policy, currency traders say the same words coming from the Obama administration have little meaning.
• Timothy Geithner, the current Treasury secretary, has tolerated the greenback’s 12 percent slide from its peak this year in March as measured by the Federal Reserve’s trade- weighted Real Major Currencies Dollar Index. While he said as recently as Oct. 3 that “it is very important to the United States that we continue to have a strong dollar,” the last time the U.S. intervened in markets to support its currency was 1995.
• The dollar’s 15 percent decline against the euro and 11 percent depreciation versus the yen since early March are increasing concern among world leaders. At the same time, Americans are getting poorer.

China’s gold investors undeterred by high prices (10/7/09)

http://www.reuters.com/article/reutersEdge/idUSTRE5960LI20091007

• Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world’s top producer and consumer of bullion, it has become a matter of necessity.
• “Consumers are sensitive about the prices, so rising gold prices will definitely hit purchases in India and China. We have seen a rapid drop in India’s jewelry consumption in the first half so a similar story could be happening in China,” said Zoe Wang, analyst with Shanghai CIFCO Futures.
• “But in terms of investment, purchases are rising, as more people are using gold as a hedging tool. Such purchases will obviously increase in China.”
• While investors abroad warn $1,000 per ounce might not be sustainable, many in China are more confident.

Highlights from “The International Forecaster” newsletter (10/14/09)

Published and Edited by: Bob Chapman

Check out or Subscribe to The International Forecaster

• Treasury Secretary Geithner, under the FOIA release, made 80 contacts since taking his job, with Goldman Sacks, JP Morgan Chase, Citigroup and BlackRock. Some were by phone and some in person. Most calls were between Geithner and Goldman CEO Lloyd Blankenfeld. Can there be any doubt in your mind who controls our government?
• Turning now to our government we find that its deficit now exceeds 40% of expenditures; or 40% or more is borrowed and not serviced by revenues. Historically this is the point at which hyperinflation begins. This situation is going to get progressively worse because there is not going to be a recovery and unemployment will worsen. The deficit is projected to increase by $1 trillion a year for the next nine years minimum. Even if 3% growth could be mustered in five years the national debt could reach $18 trillion, which is short-term debt, which would be 100% of GDP.
• That means funds would have to come from more taxes, increased savings or the Fed monetizes the debt. That means a falling dollar and hyperinflation. The Fed thus far has been able to get away with major monetization due to the major deflationary undertow. This de-leveraging process will go on for many years to come. That brings up the question how much money and credit has the Fed created and who has been given that money? A good part of it has gone to banks that are not lending it out.
• Government cannot continue to do what it is doing, nor can the Fed continue to print money endlessly. This is certainly a formula that cannot continue.
• We do not really know how much government debt the Fed has bought, because they won’t tell us. It is a state secret. Even if the Fed wanted to emulate what Paul Volker did in the early eighties they couldn’t. That should have been done long ago in 2001 and 2002. That was when the point of return was past. Now there is no way back.
• There is no hope of a deficit reduction and once the Fed has lost momentum bond yields in the real market are going to rise.
• In May inflation began to rise again. It will be far more noticeable next year.
• What is needed is long-range planning, but, of course, that never entered their minds. Stocks may be up but the economy isn’t. The debasement continues and the dollar is taking the flack, because inflation cannot be avoided. The Illuminists suppressed gold and silver for years hoping investors and the public wouldn’t realize what was being done to the dollar. That doesn’t work anymore, because the government is out of gold and if they are not out they are close to it. Granted the dollar isn’t the only weak currency. For six years every world currency has fallen versus gold, but no one wants to talk about that. The dollar gets all the heat because gold is traded in dollars and it is the world’s reserve currency as well. Switching from one currency to another isn’t going to work. It is not the answer, only gold is.
• HOW BADLY DID the U.S. housing market crash? Well, just look at how much federal aid it has taken to stabilize it, at least for now. The Federal Reserve has bought almost $700 billion worth of mortgage-backed securities, with more to come. The Treasury Department is covering the losses of Fannie Mae and Freddie Mac. Congress has enacted tax credits to spur home buying, including an $8,000 bonus to first-time buyers that expires Nov. 30 but may well be extended. The Federal Housing Administration has dramatically expanded its mortgage insurance portfolio. The Obama administration offers government-backed refinancing to middle-income homeowners who are up to 25 percent underwater in their current mortgages.
• Many American economists say the greenback is falling because the global economy is recovering – so investors no longer need the dollar as a “safe haven”. That’s nonsense. The reality is that “safe haven” status has shifted away from the dollar and towards tangible assets that the US government can’t debauch by printing more of them. That’s why gold just hit a fresh all-time high of well over $1,000 per ounce. That’s why commodity-backed currencies like the Australian dollar are now soaring – causing howls of protest from Aussie exporters…global investors are quitting the US currency because they’re worried it’s a sinking ship…
• The dollar is also falling because that’s what the White House wants. “It’s important America continues to have a strong currency,” said US Treasury Secretary Timothy Geithner last week. “We’ve made clear our commitment to a strong dollar,” added Larry Summers.
• These men insult our intelligence. The US government desperately wants a weaker dollar – so boosting exports while lowering the value of America’s massive foreign debt. The currency markets will keep betting against the greenback as they know the Federal Reserve will do nothing to stop a weaker dollar coming true. “Benign currency neglect” is the cornerstone of Obama’s recovery strategy.
• The danger is, though, that “the rope slips” and steady decline turns into nosedive. If the dollar did tip into free fall, US inflation would soar and interest rates would skyrocket – whatever the Fed now says.
• The world’s largest economy would then face “stagflation” – the nightmare combination of recession and high inflation. This danger is very real, not least because the rest of the world is seriously concerned at America’s wildly expansionary fiscal and monetary policy. That’s the fundamental reason the dollar is falling…the dollar is tumbling due to America’s ultra-low interest rates, monetary incontinence and fiscal irresponsibility.
• This past week several oil producers lied about meetings to get rid of the US dollar as a method of paying for oil and its use in international trade. We do believe the story was true and was deliberately planted to expedite the demise of the dollar as the world’s reserve currency.
• As a result gold should hit $2,500 to $3,000 by the end of next year. Silver should revisit $50.00 as well. This is the modern version of Chinese water torture. This is what fraud and monetization brings from creditors who see no light at the end of the tunnel. Many pundits believe this process will quickly manifest itself in a dollar collapse. We do not call 71.18 on the USDX a collapse. It is just a revisit to a long time support zone as 80 once was. It will take eight months to three years before the bottom totally falls out of the dollar. There is no question of a collapse. It definitely will come. Going on to 2018 is a ruse by Fisk. It was part of the planned leak to calm the public, when in fact the collapse will come in one-third the time or less. This is again why the foreign reserves of nations’ have fallen from 64.5% to 62.8%. Who would want to hold dollars when the US and UK refuse to send owners their gold? This is unheard of. The German’s are incensed and we are sure they are participating in the secret meeting to dump the dollar. As we said earlier the transition trade currency will be the SDR and beyond that a G-20 trade currency unit. If it has a gold backing it should be 15%. Most nations in the G-20 either have no gold or very little, which means they will have to buy gold in the open market. That needless to say will push gold prices higher.
• All of the above with pressure, will drive the dollar lower along with the dollar carry trade whose beneficiaries are generally oil, other commodities and gold. Later perhaps silver as well. Borrowing money at ¼% is a no brainer and that is why markets are extra buoyant. There has been considerable central bank gold buying, especially by China, which is and has been backstopping the price. The physical market now belongs to them. This heavyweight buying should take gold to $1,250 and then to $1,650 in short order. Remember, we need $2,500 approximately to reflect official inflation since 1980 and unofficial inflation would put gold at $6,700. Those who believe being in another currency will be a safe haven are mistaken. All currencies will fall versus gold in varying degrees. Why put money in losers when gold and silver are the only safe games available? This will be the greatest bull market in history. The dollar will fall to somewhere between 40 and 55 on the USDX. When that occurs the final meeting will be held, meetings similar to the Smithsonian in the early 1970s and the Plaza Accords of 1985. All currencies will be revalued and devalued versus one another and debt between countries will be defaulted on by 2/3’s. We believe the Federal Reserve note domestically will be devalued on a one for three bases – three old ones for one new one. This is why gold and silver are valuable. They will appreciate as all currencies fall in varying degrees. In all probability 3200 to 4200 of all US banks, out of 8400, will collapse and the FDIC is broke. It will take $700 billion just to cover 1% of insured deposits. If you are not in gold and silver related assets you are going to lose 60% to 95% of your wealth.
• The NY Post’s Paul Tharp argues that the move to replace the dollar as the reserve currency is accelerating. Over the last three months, banks put 63 percent of their new cash into euros and yen — not the greenbacks — a nearly complete reversal of the dollar’s onetime dominance for reserves, according to Barclays Capital. The dollar’s share of new cash in the central banks was down to 37 percent — compared with two-thirds a decade ago.
• Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund. Bernanke could go down in economic history as the man who killed the greenback on the operating table.
• By the end of 2019, according to the administration’s budget numbers, our federal debt will reach $23.3 trillion-as compared to $11.9 trillion today. To put it in perspective: U.S. federal debt was equal to 61.4% of GDP in 1999; it grew to 70.2% of GDP in 2008 (under the Bush administration); it will climb to an estimated 90.4% this year and touch the 100% mark in 2011, after which the projected federal debt will continue to equal or exceed our nation’s entire annual economic output through 2019.
• Now that the dollar has closed below 76 a feeding frenzy will begin and it won’t be long until before 74 is tested. When the music stops the central banks will get buried.
• Washington is in an almost impossible position. The economy requires $2 trillion in additional stimulus, but the mounting multi-trillion deficit is a major long-term threat. More stimulus will also put further downward pressure on the dollar. What is needed is deficit reduction, not expansion. The current package has done next to nothing and $200 billion is being whispered around the beltway. That is laughable. As we mentioned before we see no rise in rates for at least a year. No matter what is done the dollar will continue to fall and gold and silver will rise in spite of government manipulation.
• On Tuesday gold rose $6.70 to $1,063.40. December rose $6.30 and the access market was up $7.50. Spot silver was unchanged at $17.80 and December fell $0.03. The cabal attacked silver again, but didn’t make much headway. We would like to add that interest in gold and silver at conferences is poor and that is good news, because it’s positive for gold. The implication is gold is hitting new highs and the public is in no way involved. Let’s hope we can get to $3,000 and then the public gets involved.
• There are now two major shorts in gold, instead of three. It looks like the two are JP Morgan Chase and HSBC. They increased shorts by 75,041 contracts to 116,780, a 56% increase in a month. The 4.2 million ounce short is twice the entire inventory of all the dealers. Needless to say, they are acting like monopolistic thugs and getting away with it, because they are acting in behalf of the US government, which is controlled by the Illuminati. Do not expect any interference by the CFTC, a government agency, they are part of the problem. This is simply brazen manipulation.
• In silver they have done the same thing. They increased their net shorts from 29,875 contracts to 38,337, a 28% increase on the month. They are short 75% of the entire silver inventory held by all commercials on the Comex. How is that for concentration?