Jan 10

Israel Police Make Arrests in Diamond Exchange

RAPAPORT… Police entered the Israel Diamond Exchange Sunday morning and  reportedly arrested a well-known money changer along with 15 other people.

Numerous computers and documents were taken by the police in what appears to be the conclusion of a year-long undercover investigation involving fraudulent invoices and money transfers by a special tax force against professional money laundering.

Traffic in the exchange building was noticeably lighter as many members of the trade decided to take the day off.  The suspects are expected be arraigned Monday morning. 

According to The Marker publication, the suspects were systematically laundering money in large sums without reporting the transactions to the relevant authorities in Israel or abroad. They were also reportedly illegally converting foreign exchange and providing unlawful loans. The group allegedly gained tens of millions of shekels in profits from these activities, The Marker stated.

The 16 individuals are suspected of using their offices in the diamond exchange and other locations over a number of years to conduct transactions of the bank without the sufficient reporting, including the provision of loans, transfer of money overseas, and foreign currency conversion disguised as legitimate diamond transactions. The value of these transactions amounted to hundreds of millions of shekels each year and the combined value of these deals over the years may have reached billions of shekels, The Marker reported.

Management of the Israel Diamond Exchange had not yet issued a statement at press time.

Jan 10

DGSE Opens Two Southern Bullion Coin & Jewelry Stores

RAPAPORT… DGSE Companies held two grand openings for new stores this month and plans to open a third new location in February. DGSE celebrated its 23rd Southern Bullion Coin Jewelry store, which opened in Daphne, Alabama on January 3, marking the second location in the greater Mobile metropolitian area.  On January 6, Southern Bullion opened  in Anderson, South Carolina.

In early February, Southern Bullion plans to open a 25th location, this one in Destin, Florida.

”Southern Bullion had a very successful 2011, and we look forward to expanding on that success in the coming year,” stated Southern Bullion’s president, Jim Vierling. ”All three of these new stores complement existing locations, which will allow us greater efficiencies in staffing, merchandising, management and advertising. As we move forward through 2012, we will continue to evaluate opportunities for new store openings in both existing and new markets.”

 

Jan 10

CIH Estimates Namibia’s Diamond Sales at $741M in 2011

(RAPAPORT) The Namibian: Namibia’s diamond sales for 2011 are estimated to have earned “in the region of NAD 6 billion,” or about $741 million, a new report says.

Compiling its latest Mineral Update Report with eight of the 10 diamonds sales’ data available, Capricorn Investment Holdings (CIH) estimates the 2011 volume sold at 1.24 million carats – about 250,000 carats less than 2010.  Diamonds remained a sparkler in state coffers with about $54 million paid in royalties during the first 10 months of 2011. This is more than $12 million paid in 2010, CIH said.

“This bodes well for annual royalties to be taken by government in the remaining part of the year [2011],” the report says.

According to CIH, the 993,000 carats sold in total in eight of the sales brought in more than $593 million.

Copyright The Namibian. Distributed by AllAfrica Global Media (allAfrica.com).

Jan 10

JSA Honors FBI, eBay Personnel for Fighting Crime

RAPAPORT… The Jewelers’ Security Alliance (JSA) presented awards to two recipients on January 7 who have helped fight crime against the jewelry industry.   Sheldon Kwiat, the chairman of JSA, presented the 14th annual “James B. White Award to Law Enforcement” honor to FBI Supervisory Special Agent Eric B. Ives, of the Organized Crime Section for Jewelry and Gem Program. Ives was cited for his assistance as the principal link at FBI headquarters for JSA on issues involving jewelry crime and was a vital link for JSA to each FBI field office. The citation stated that during his supervision of the jewelry and gem program, the FBI conducted many important, far-reaching and successful investigations of crimes against the jewelry industry, which resulted in arrests, convictions and merchandise recovery.
 
Ives has also helped a major effort with the Gemological Institute of America (GIA) to train FBI personnel and key foreign police personnel in basic gemology and jewelry industry practices and procedures to combat crime. Through his efforts, the FBI has invited and supported several dozen agents from the U.S. to GIA in Carlsbad, California for two weeks of intensive gem training.

Kwiat also presented JSA’s seventh annual “Industry Service Award” to Paul Jones, the senior director of global asset protection at eBay. Jones was cited for improving the integrity of the eBay marketplace, especially through closer cooperation with law enforcement and with major retailers. Jones has helped build the PROACT program, which brings together stakeholders in a common effort to reduce fraud, fencing and other crimes and abuses involving the eBay marketplace.

The awards event also conducted a moment of silence for six jewelers who were murdered in 2011. John Kennedy, the president of JSA, mourned the tragic loss of life  and thanked the industry, the FBI and other law enforcement agencies for their continuing support of JSA’s war on crime.

Jan 10

CORRECTION FROM SOURCE: Entree Discovers New High Grade Gold Zone at Shivee West, Mongolia

VANCOUVER, BRITISH COLUMBIA–(Marketwire -01/10/12)- The following corrects and replaces the release sent today at 4:11 pm ET. In the table, the figure 769 was changed to 69.

Entree Gold Inc. (TSX: ETG.TO – News)(AMEX: EGI – News)(Frankfurt: EKA.F – News) (“Entree” or the “Company”) has received final results from the recently completed work program on its 100%-owned Shivee West project in Mongolia. Work was conducted over the Zone III near-surface epithermal gold target and expanded north, where a new gold zone (“Argo Zone”) was discovered 250 metres beyond the previously known area of gold mineralization (see news release dated December 14, 2011). Significant results at the Argo Zone included two separate high-grade chip samples averaging 42.4 grams/tonne gold (“g/t Au”) over 4 metres and 19.3 g/t Au over 3 metres (see map on www.entreegold.com).

Greg Crowe, President and CEO of Entree, commented, “This program yielded some very high grades in a new area of mineralization now called the Argo Zone. Both Zone III and Argo lie within a well-defined, northerly-trending magnetic-low, which extends for at least 2.5 kilometres along strike. Potential for additional gold targets is excellent and we are planning further exploration in 2012.”

The 2011 work program targeted near-surface epithermal gold mineralization and included 23 vertical holes (2,470 metres) of reverse circulation (“RC”) drilling, 1,120 linear metres of excavator trenching and surface sampling over an area of 200 metres x 600 metres. The area tested now appears to comprise two distinct zones of shallow gold mineralization (Zone III and Argo) hosted by quartz veined felsic volcanic rocks located approximately 300 metres apart.

The Argo Zone has been partly defined by six new RC holes (holes EGRC-11-110 to 115), two trenches and surface chip sampling. Hole EGRC-11-112 returned 14 metres of 1.82 g/t Au and hole 11-111 returned 3 metres of 2.21 g/t Au (see table of results below). The two very high-grade chip samples were taken to evaluate a quartz stockwork in dacitic volcanic rocks 50 metres southeast of the nearest 2011 RC drill hole. The mineralization remains open in several directions.

Trench sampling in 2011 on Zone III returned 0.69 g/t Au over 6 metres and a separate interval of 1.44 g/t Au over 6 metres. Previously, trench and outcrop sampling returned gold values of up to 0.51 g/t over 22 metres and 1.39 g/t over 18 metres. Numerous grab samples of siliceous material in the Zone III area have returned between 0.2 g/t and 29.2 g/t Au. Best results from recent RC drilling are from hole EGRC-11-123, located near the centre of Zone III, which returned 8 metres of 2.08 g/t Au.

Planning is underway for additional drilling and surface work commencing in Q2 2012 to better define gold mineralization in both Zone III and the Argo Zone.

 

Table 1. Significant gold results - Zone III and Argo RC Holes

----------------------------------------------------------------------------
              FROM  TO INTERVAL   Au
HOLE            (m) (m)      (m) g/t COMMENT
----------------------------------------------------------------------------
EGRC-11-109(i)  63  67        4 0.27 Argo Zone
----------------------------------------------------------------------------
EGRC-11-110(i)  34  40        6 0.36 Argo Zone
----------------------------------------------------------------------------
EGRC-11-111(i)  67  70        3 2.21 Argo Zone; Ended in mineralization
----------------------------------------------------------------------------
EGRC-11-112(i)  46  51        5 0.91 Argo Zone
----------------------------------------------------------------------------
   including    47  48        1 3.35
----------------------------------------------------------------------------
      and       63  77       14 1.82
----------------------------------------------------------------------------
   including    73  75        2 9.32
----------------------------------------------------------------------------
EGRC-11-114     17  20        3 0.76 Argo Zone; Ended in 0.18 g/t Au over 6
                                     m
----------------------------------------------------------------------------
EGRC-11-119     66  71        5 0.36 Zone III
----------------------------------------------------------------------------
EGRC-11-121     65  67        2 0.74 Zone III
----------------------------------------------------------------------------
EGRC-11-123     67  75        8 2.08 Zone III; First sample is 9.34 g/t Au
                                     over 1 m
----------------------------------------------------------------------------
   including    67  69        2 5.60
----------------------------------------------------------------------------
(i) Announced in December 14, 2011 news release.

QUALITY ASSURANCE AND CONTROL

Rock chips and RC drill chips from Shivee West were prepared and submitted to Actlabs Asia LLC located in Ulaanbaatar, Mongolia. Prepared standards, blanks and duplicates are inserted into the RC sample stream at the project site to monitor the quality control of the assay data.

QUALIFIED PERSON

James R. Foster, P.Geo., Entree’s Exploration Manager – Lookout Hill, and a qualified person as defined by NI 43-101, supervised the preparation of the information in this news release.

ABOUT ENTREE GOLD INC.

Entree Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of copper and gold prospects. The Company’s flagship Lookout Hill property in Mongolia completely surrounds the Oyu Tolgoi project of Oyu Tolgoi LLC, a subsidiary of Ivanhoe Mines and the Government of Mongolia. A portion of the Lookout Hill property is subject to a joint venture with Oyu Tolgoi LLC. The joint venture property hosts the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit. Excellent exploration potential remains on the joint venture property for the discovery of additional mineralized zones.

In North America, the Company is exploring for porphyry-related copper systems in Nevada and New Mexico. The primary asset is the Ann Mason property near Yerington, Nevada, which hosts an inferred mineral resource estimate of 810 million tonnes grading 0.40% copper using a 0.30% copper cut-off, containing approximately 7.1 billion pounds of copper. The property has considerable potential, both to increase the size of the Ann Mason deposit and to discover additional targets.

In addition to being a politically stable jurisdiction, the Yerington copper camp has seen significant historic copper production along with a resurgence of exploration activity and now hosts over 20 billion pounds of copper in several deposits owned by a diverse group of companies.

The Company is also seeking additional opportunities to utilize its expertise in exploring for deep and/or concealed ore deposits. Rio Tinto and Ivanhoe Mines are major shareholders of Entree, holding approximately 13% and 11% of issued and outstanding shares, respectively.

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, with respect to the extent and timing of the Company’s drilling and exploration programs, the interpretation of its exploration results, and the potential for discovery of additional mineralized zones and targets. These forward-looking statements are made as of the date of this news release. Users of forward-looking statements are cautioned that actual results may vary from the forward-looking statements contained herein. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company’s future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the prices of gold, copper and molybdenum, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors are described in the Company’s Annual Information Form for the financial year ended December 31, 2010, dated March 25, 2011 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Jan 10

Royal Gold Announces 4,000,000 Share Common Stock Offering

DENVER–(BUSINESS WIRE)–

Royal Gold, Inc. (NASDAQ:RGLD – News)(TSX:RGL.TO – News) announced today that it
has agreed to sell 4.0 million common shares of Royal Gold to Goldman,
Sachs Co. in an underwritten at-the-market public offering. The last
reported sale price of Royal Gold’s common stock on the NASDAQ Global
Select Market on January 9, 2012 was $70.34 per share. The offering is
expected to close on January 13, 2012, subject to customary closing
conditions. Goldman, Sachs Co. is acting as the sole underwriter for
the offering.

Royal Gold intends to use the net proceeds of this offering for the
acquisition of additional royalty or similar interests, to fund
near-term obligations resulting from the recent Mt. Milligan acquisition
and to repay debt, including debt incurred to fund the acquisition of an
additional property interest in the gold production of the Mt. Milligan
project in December 2011.

The offering will be made pursuant to the Company’s effective shelf
registration statement filed with the Securities and Exchange Commission
and a shelf prospectus filed with Canadian securities regulatory
authorities in all provinces other than Quebec under the
Multijurisdictional Disclosure System (“MJDS”). A preliminary prospectus
supplement relating to the offering has been filed with the Securities
and Exchange Commission. A shelf prospectus has been filed with the
securities regulatory authorities in Canadian Provinces other than
Quebec and a preliminary prospectus supplement will be filed with such
regulatory authorities under the MJDS. Once filed, copies of the
preliminary prospectus supplement and the base shelf prospectus relating
to the offering may be obtained by either contacting the following
underwriter or by accessing the Securities and Exchange Commission
website, www.sec.gov:

Goldman, Sachs Co.
Attn: Prospectus Dept.
200 West St.
New
York, NY 10282-2198
Phone: 212-902-1171 or
Toll free:
866-471-2526
Fax: 212-902-9316
Email: Prospectus-ny@ny.email.gs.com

In Canada, a copy of the prospectus and prospectus supplement may be
obtained by either contacting the above underwriter or by accessing the
SEDAR website at www.sedar.com.

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which the offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. The securities
being offered have not been approved or disapproved by any regulatory
authority, nor has any such authority passed upon the accuracy or
adequacy of the prospectus supplement, the prospectus or the Company’s
shelf registration statement.

CORPORATE PROFILE

Royal Gold is a precious metals royalty company engaged in the
acquisition and management of precious metal royalties and similar
interests. The Company’s portfolio consists of 187 properties on six
continents, including interests on 37 producing mines and 22 development
stage projects. Royal Gold is publicly traded on the NASDAQ Global
Select Market under the symbol “RGLD,” and on the Toronto Stock Exchange
under the symbol “RGL.”

Cautionary “Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995: With the exception of historical matters,
the matters discussed in this press release include forward-looking
statements that involve risks and uncertainties that could cause actual
results to differ materially from projections or estimates contained
herein. Such forward-looking statements include statements regarding
future sales of common stock and the use of proceeds from such sales.
Factors that could cause actual results to differ materially from such
forward looking statements include, among others, precious metals
prices, economic and market conditions and the availability of
attractive acquisition opportunities, as well as other factors described
in our Annual Report on Form 10-K, and other filings with the Securities
and Exchange Commission. Most of these factors are beyond the Company’s
ability to predict or control. The Company disclaims any obligation to
update any forward-looking statement made herein. Readers are cautioned
not to put undue reliance on forward-looking statements.

Royal Gold
Karen Gross, 303-573-6504
Vice President and Corporate Secretary

Jan 10

Yamana Gold Fourth Quarter 2011 Financial Results Release Notification and Conference Call

Analysis: Nothing black or white in trendless 2012Reuters

If the first week in January 2012 tells us anything about the investment year ahead, it’s to be skeptical about …

Jan 10

Entree Discovers New High Grade Gold Zone at Shivee West, Mongolia

VANCOUVER, BRITISH COLUMBIA–(Marketwire -01/10/12)- Entree Gold Inc. (TSX: ETG.TO – News)(AMEX: EGI – News)(Frankfurt: EKA.F – News) (“Entree” or the “Company”) has received final results from the recently completed work program on its 100%-owned Shivee West project in Mongolia. Work was conducted over the Zone III near-surface epithermal gold target and expanded north, where a new gold zone (“Argo Zone”) was discovered 250 metres beyond the previously known area of gold mineralization (see news release dated December 14, 2011). Significant results at the Argo Zone included two separate high-grade chip samples averaging 42.4 grams/tonne gold (“g/t Au”) over 4 metres and 19.3 g/t Au over 3 metres (see map on www.entreegold.com).

Greg Crowe, President and CEO of Entree, commented, “This program yielded some very high grades in a new area of mineralization now called the Argo Zone. Both Zone III and Argo lie within a well-defined, northerly-trending magnetic-low, which extends for at least 2.5 kilometres along strike. Potential for additional gold targets is excellent and we are planning further exploration in 2012.”

The 2011 work program targeted near-surface epithermal gold mineralization and included 23 vertical holes (2,470 metres) of reverse circulation (“RC”) drilling, 1,120 linear metres of excavator trenching and surface sampling over an area of 200 metres x 600 metres. The area tested now appears to comprise two distinct zones of shallow gold mineralization (Zone III and Argo) hosted by quartz veined felsic volcanic rocks located approximately 300 metres apart.

The Argo Zone has been partly defined by six new RC holes (holes EGRC-11-110 to 115), two trenches and surface chip sampling. Hole EGRC-11-112 returned 14 metres of 1.82 g/t Au and hole 11-111 returned 3 metres of 2.21 g/t Au (see table of results below). The two very high-grade chip samples were taken to evaluate a quartz stockwork in dacitic volcanic rocks 50 metres southeast of the nearest 2011 RC drill hole. The mineralization remains open in several directions.

Trench sampling in 2011 on Zone III returned 0.69 g/t Au over 6 metres and a separate interval of 1.44 g/t Au over 6 metres. Previously, trench and outcrop sampling returned gold values of up to 0.51 g/t over 22 metres and 1.39 g/t over 18 metres. Numerous grab samples of siliceous material in the Zone III area have returned between 0.2 g/t and 29.2 g/t Au. Best results from recent RC drilling are from hole EGRC-11-123, located near the centre of Zone III, which returned 8 metres of 2.08 g/t Au.

Planning is underway for additional drilling and surface work commencing in Q2 2012 to better define gold mineralization in both Zone III and the Argo Zone.

 

Table 1. Significant gold results - Zone III and Argo RC Holes

----------------------------------------------------------------------------
              FROM  TO INTERVAL   Au
HOLE            (m) (m)      (m) g/t COMMENT
----------------------------------------------------------------------------
EGRC-11-109(i)  63  67        4 0.27 Argo Zone
----------------------------------------------------------------------------
EGRC-11-110(i)  34  40        6 0.36 Argo Zone
----------------------------------------------------------------------------
EGRC-11-111(i)  67  70        3 2.21 Argo Zone; Ended in mineralization
----------------------------------------------------------------------------
EGRC-11-112(i)  46  51        5 0.91 Argo Zone
----------------------------------------------------------------------------
   including    47  48        1 3.35
----------------------------------------------------------------------------
      and       63  77       14 1.82
----------------------------------------------------------------------------
   including    73  75        2 9.32
----------------------------------------------------------------------------
EGRC-11-114     17  20        3 0.76 Argo Zone; Ended in 0.18 g/t Au over 6
                                     m
----------------------------------------------------------------------------
EGRC-11-119     66  71        5 0.36 Zone III
----------------------------------------------------------------------------
EGRC-11-121     65  67        2 0.74 Zone III
----------------------------------------------------------------------------
EGRC-11-123     67  75        8 2.08 Zone III; First sample is 9.34 g/t Au
                                     over 1 m
----------------------------------------------------------------------------
   including    67 769        2 5.60
----------------------------------------------------------------------------
(i) Announced in December 14, 2011 news release.

QUALITY ASSURANCE AND CONTROL

Rock chips and RC drill chips from Shivee West were prepared and submitted to Actlabs Asia LLC located in Ulaanbaatar, Mongolia. Prepared standards, blanks and duplicates are inserted into the RC sample stream at the project site to monitor the quality control of the assay data.

QUALIFIED PERSON

James R. Foster, P.Geo., Entree’s Exploration Manager – Lookout Hill, and a qualified person as defined by NI 43-101, supervised the preparation of the information in this news release.

ABOUT ENTREE GOLD INC.

Entree Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of copper and gold prospects. The Company’s flagship Lookout Hill property in Mongolia completely surrounds the Oyu Tolgoi project of Oyu Tolgoi LLC, a subsidiary of Ivanhoe Mines and the Government of Mongolia. A portion of the Lookout Hill property is subject to a joint venture with Oyu Tolgoi LLC. The joint venture property hosts the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit. Excellent exploration potential remains on the joint venture property for the discovery of additional mineralized zones.

In North America, the Company is exploring for porphyry-related copper systems in Nevada and New Mexico. The primary asset is the Ann Mason property near Yerington, Nevada, which hosts an inferred mineral resource estimate of 810 million tonnes grading 0.40% copper using a 0.30% copper cut-off, containing approximately 7.1 billion pounds of copper. The property has considerable potential, both to increase the size of the Ann Mason deposit and to discover additional targets.

In addition to being a politically stable jurisdiction, the Yerington copper camp has seen significant historic copper production along with a resurgence of exploration activity and now hosts over 20 billion pounds of copper in several deposits owned by a diverse group of companies.

The Company is also seeking additional opportunities to utilize its expertise in exploring for deep and/or concealed ore deposits. Rio Tinto and Ivanhoe Mines are major shareholders of Entree, holding approximately 13% and 11% of issued and outstanding shares, respectively.

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, with respect to the extent and timing of the Company’s drilling and exploration programs, the interpretation of its exploration results, and the potential for discovery of additional mineralized zones and targets. These forward-looking statements are made as of the date of this news release. Users of forward-looking statements are cautioned that actual results may vary from the forward-looking statements contained herein. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company’s future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the prices of gold, copper and molybdenum, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors are described in the Company’s Annual Information Form for the financial year ended December 31, 2010, dated March 25, 2011 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Jan 10

Barrick Gold Corporation Fourth Quarter 2011 Results Release, Conference Call and Webcast

Analysis: Nothing black or white in trendless 2012Reuters

If the first week in January 2012 tells us anything about the investment year ahead, it’s to be skeptical about …

Jan 10

Royal Gold Announces Fiscal 2012 Second Quarter Earnings Call

Analysis: Nothing black or white in trendless 2012Reuters

If the first week in January 2012 tells us anything about the investment year ahead, it’s to be skeptical about …