RE: From A Recent Email.... I don't disagree with the content of the letter, but when exactly did he write that? We're definitely not in "the $3 and $4 range" anymore. And as best I can tell, since they're referring to the 2011 season in the future tense, this sounds like it was written early last year.
The number crunching is very intriguing though. Alas, with the markets as fickle as they are, and appearing to be on the brink day after day, it's hard to say if KAM's success will be able overcome it, no matter how much gold they find.