(Harvest) We have studied gold and its movements our entire business career. We recognize that some market participants may see gold solely in terms of a safe haven. We certainly can sympathize with that view. But, our experience and analysis indicates otherwise. We believe gold bottomed December 17, 2015 at $1,051. The four-plus-year bear market has been challenging, but typical of a mid-cycle bear market and resembles very closely in percentage terms the 1974-76 bear market in gold, which began on December 30, 1974 at $195.25 and bottomed at $103.50 on August 25, 1976 with gold shares being literally destroyed. Gold correctly saw the deflation of the mid 1970s as it has the deflation since 2011 and then anticipated correctly the stagflation that consumed the U.S. economy in the late 1970s. We have no idea whether gold is seeing stagflation or traditional reflation or a credit-crisis-induced reflation. The answer will become clear in time.

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