My Dear Friends,

Today was a busy day in New York City.

Last week I was in San Francisco meeting with thirty five money managers. I met with four more at my hotel in NYC last evening. This morning was met with early appointments followed by a luncheon for forty money managers. After the luncheon I had one more quick meeting before leaving the city.

I have never felt better since I was 25. My Irish side loves a battle and my Seligman side knows how to win.

It looks to me like yesterday’s drop in gold might have been a bear trap head fake. $1650 to $1670 looks strong. Gold is getting ready to move into the 2000s.

Alf is dead right.

Respectfully,
Jim