The Precious Metals Report    by Mike Daly

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The views and opinions contained within this commentary do not necessarily reflect the views and opinions of ALTAVRA Inc.  The information and data in this report were obtained from sources considered reliable.  Their accuracy or completeness is not guaranteed and the giving of the same is not deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities, futures, options or foreign exchange products.  The money managers who manage accounts for ALTAVRA Inc. clients may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report.  Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.