This is for my friend Bill Murphy, and his colleague Chris Powell, of GATA.

We who invest in precious metals owe them a deep debt of gratitude and respect for their long and sometimes lonely fight, against often fearsome odds and tough criticism, to bring transparency and honesty to the markets.

"Today I shall speak to you on the subject of individual citizenship, the one subject of vital importance to you, my hearers, and to me and my countrymen, because you and we a great citizens of great democratic republics. A democratic republic such as ours - an effort to realize its full sense government by, of, and for the people - represents the most gigantic of all possible social experiments, the one fraught with great responsibilities alike for good and evil. The success or republics like yours and like ours means the glory, and our failure of despair, of mankind; and for you and for us the question of the quality of the individual citizen is supreme.

Under other forms of government, under the rule of one man or very few men, the quality of the leaders is all-important. If, under such governments, the quality of the rulers is high enough, then the nations for generations lead a brilliant career, and add substantially to the sum of world achievement, no matter how low the quality of average citizen; because the average citizen is an almost negligible quantity in working out the final results of that type of national greatness.

But with you and us the case is different. With you here, and with us in my own home, in the long run, success or failure will be conditioned upon the way in which the average man, the average women, does his or her duty, first in the ordinary, every-day affairs of life, and next in those great occasional cries which call for heroic virtues.

The average citizen must be a good citizen if our republics are to succeed. The stream will not permanently rise higher than the main source; and the main source of national power and national greatness is found in the average citizenship of the nation. Therefore it behooves us to do our best to see that the standard of the average citizen is kept high; and the average cannot be kept high unless the standard of the leaders is very much higher.

It is well if a large proportion of the leaders in any republic, in any democracy, are, as a matter of course, drawn from the classes represented in this audience to-day; but only provided that those classes possess the gifts of sympathy with plain people and of devotion to great ideals. You and those like you have received special advantages; you have all of you had the opportunity for mental training; many of you have had leisure; most of you have had a chance for enjoyment of life far greater than comes to the majority of your fellows.

To you and your kind much has been given, and from you much should be expected. Yet there are certain failings against which it is especially incumbent that both men of trained and cultivated intellect, and men of inherited wealth and position should especially guard themselves, because to these failings they are especially liable; and if yielded to, their- your- chances of useful service are at an end. Let the man of learning, the man of lettered leisure, beware of that queer and cheap temptation to pose to himself and to others as a cynic, as the man who has outgrown emotions and beliefs, the man to whom good and evil are as one. The poorest way to face life is to face it with a sneer. There are many men who feel a kind of twister pride in cynicism; there are many who confine themselves to criticism of the way others do what they themselves dare not even attempt.

There is no more unhealthy being, no man less worthy of respect, than he who either really holds, or feigns to hold, an attitude of sneering disbelief toward all that is great and lofty, whether in achievement or in that noble effort which, even if it fails, comes to second achievement.

A cynical habit of thought and speech, a readiness to criticise work which the critic himself never tries to perform, an intellectual aloofness which will not accept contact with life's realities - all these are marks, not as the possessor would fain to think, of superiority but of weakness. They mark the men unfit to bear their part painfully in the stern strife of living, who seek, in the affection of contempt for the achievements of others, to hide from others and from themselves in their own weakness. The rôle is easy; there is none easier, save only the rôle of the man who sneers alike at both criticism and performance.

It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better.

The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat."

Theodore Roosevelt, The Man in the Arena,, Paris, April 23, 1910

Every time that I look in the mirror
All these lines in my face gettin' clearer
The past is gone
It went by like dusk to dawn
Isn't that the way
Everybody's got their dues in life to pay.

Yeah, I know nobody knows
Where it comes and where it goes
I know it's everybody's sin
You got to lose to know how to win.

Half my life's in books' written pages
Live and learn from fools and from sages
You know it's true
All the things you do
Come back to you.

Dream On Dream On Dream On,
Dream until your dream comes true...