Precious Metals were up in May, down in June, up AND down in July. The Precious Metals BPI got close to the 18% low in July 2007, but not as low as in 2004 and 2005 (6% & 12%, respectively), so even though it may recede even more to the 10% BPI level, it looks like that, once it's broached the 20% mark, it's rebounded to above 60% every time, between 3 and 8 months after the low.