A Comment -- General Comments From an Expert (A Commentary)

Natural Gas - Thinks it is trying to bottom. He usually uses a spread between crude and natural gas. Gas is trying to put in a higher low.

Molybdenum: - In the short term, he expects a lot of volatility because that is what we will get in all of these markets. In the very long term, expect demand increases. This is a very good metal to use in alloying steels. It imparts numerous, very benef

Felt that the market reached a bottom on August 22.

Banks: - National Bank (NA-T) quantitative model is 40% followed by Bank of Montreal BMO-T) at 17%, Royal Bank (RY-T) at 15%, Bank of Nova Scotia (BNS-T) at 12%, Canadian Imperial (CM-T) at 2% and Toronto Dominion (TD-T) at 1%. Thinks the banks will boun

Gold: - Seasonal wise, this would be the time to get into golds. If the US were to cut rates, it would re-ignite another fall in their dollar and that is when you would see the biggest lift in gold. He thinks rates are stable in this environment.

Banks: - Sees 15% downside on banks. The most profitable and well run banks in the world. Expect their 4th quarter will be pretty much break even.

Gold: - One of the few commodities that will show upside over the next year.

Gas: - Cautiously bullish on natural gas after October. Predicting spot prices of $7 this year and $8 next year.

Gold - Interesting that there wasn’t a flight to gold during the downturn last month. Gold actually went down rather than up. Is gold really fulfilling the role that Gold bugs always thought it did, a refuge from paper assets.

Iceland bonds: - I.A.D.B. 13% yield (June 28, 2008). AAA rated. Backed by the World Bank so there are no credit issues. Smelters have located there because of the cheap thermal power and have built a large deficit account to build the smelters. Biggest risk is currency.

Banks: - Canadian banks have been overly beaten up in the last couple of weeks. They start reporting earnings later this week and he expects very good earnings and a good outlook going forward. Good biting opportunity. Canadian Imperial (CM-T) looks like it has the greatest upside from this point.

Oil: - Very bullish on commodities, particularly oil. There is no substitute for oil. A substitute would have to be cheaper and offer better functionality. Base metals and oil are levered to world economic growth. Although he thinks the market will get weaker, he expects oil to go higher. Looking for $75-$80 by year-end and outward from there.

Gold: - The whole complex is okay now because it has been so damaging to a lot of gold bugs and a lot of the excitement is all about. Gold was one of the best performers last week.

Buyer asked what he should put money into, if the money market funds are in such a bad state. Suggested a T-Bill fund.