He says: "Its been about 3 weeks since IVN has delivered the "Mongolian Windfall Tax" story which started the price reversal with only moderate volume (suggests a shake-out to me). I would say that anytime about now we should get the story from Mongolia that the windfall tax (recently voted in) is dead and that the government is strongly behind IVN. This will allow Robert Friedland (a man among boys) to bring the IVN price from $6.00 back over $8.00 and set the stage for a summer rally, despite the drop in gold to 2005 prices."

Moreover he adds: "I am also wondering if there is something behind the recent sale by Peter Munk's Trizec of their US office portfolio for several $billion. This occurred when gold was frothy at about $700. Could Peter be putting together a war chest for a Barrick (NYSE: ABX) attack and a gold attack on hedge funds or other speculators that are damaging the gold outlook?"

These points are both worthy of coming from my lips. I'll add IVN to my earlier list that should be bought at these levels.

If Barrick has been hedged, this latest pull-back in Gold would give them a chance to buy it back, and Munk would have a ton of cash to do it.