Are you seeing a shift in the core philosophy in the minds of precious metals investors?
Jeff Christian: We're seeing a transition already in the minds of many investors in North America and in Europe. When I say already, I mean the last 15 years. You're seeing a transition of investors away from buying gold and silver, because, I think, the banks, or the currencies of the governments are going to collapse, to buying gold and silver for a variety of portfolio diversification reasons. It is something of an inflation hedge, it is a currency hedge, it's a portfolio diversifier, it's a safe haven investment, it's a commodity, and it's a form of savings. You're seeing investors buy more gold than silver since 2000-2002 for gold, since 2005 for silver, than ever before in history. A lot of those investors are not necessarily reacting to fear. They're more reacting to the concept that they really just want to have some in there, because they understand it makes sense. It smooths out the volatility of their investment portfolio and their wealth. There are people who lost their houses in the financial crisis and all they have left are their gold and silver, because their stocks fell sharply, at least initially, and in many cases, they sold their stocks to raise cash. So, there are people who are buying and holding gold and silver for a diverse set of reasons and that's going to continue. It has been in place for a decade or more in the metals.
We think that going forward it will continue to be that way. We talked a little bit earlier about Chinese and Indian investors moving away from traditional society where they use gold and silver instead of money. They're diversifying their portfolios. They're still buying enormous amounts of gold and silver every year, but they're diversifying their portfolios. They're adding bank CDs, stocks, pension funds, retirement accounts, and ETFs, and other investment products to their portfolio. In Europe and the United States, we really haven't seen the transition begin, although it is starting to emerge a little bit with that 1% of the population that's buying gold and silver of diversifying your portfolio, but they're diversifying away from national currencies, stocks and bank accounts into adding gold and silver into their portfolio. It's the same trend. Let me have protection. I'm not going to count on the government. I'm not going to count on the bank. I'm not going to count on my employer. I'm not going to count on insurance companies to provide me the protection in insurance I need. I'm going to count on myself.