Gold stocks declined recently even without a move lower in the underlying metals - is this a warning signal that one should get out of the precious metals investments? How much more can miners decline? In today's issue we examine the situation and provide you with our views on that important matter. In particular, we analyze the HUI Index, GDX ETF and miner's ratios: mining stocks:other stocks and mining stocks:gold.

Additionally, today's Premium Update includes the analysis of gold, also from the non-USD and yen perspectives, GLD ETF, silver, SLV ETF, silver-to-gold ratio, platinum, USD Index, Euro Index, our Correlation Matrix, and S&P 500, SPY ETF, and more. We not only provide our thoughts on the short-term situation in the precious metals market, but also tell you how high is gold likely to go before a meaningful correction is seen (and why).

Stock market (including financials) rallied once again, but how long can it rally without a pause? What does yesterday's breakout in Euro Index mean for USD Index and - most of all - to precious metals investors and traders? This is also one of the things that we cover in today's report.

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This week's Premium Update starts with an overview of the various gold-related events around the world. News comes from Athens, Mumbai, London, Philippines, Germany, and Hollywood.

The main part of our analysis focuses on the recent rally and what we can expect of the precious metals market in the near term. Gold and silver markets provide different signals and their combination increases the probability of a certain outcome. What is more, gold itself appears to be following a certain pattern which allows us to estimate how much higher it can go before a significant correction takes place.

Additionally, we analyze mining stocks' performance relative to gold, elaborate on the company's valuation method that means comparing company's gold reserves to its market cap, and comment on the possibility of a deflationary scenario based on problems in Europe.

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At times a few days of price action make a difference and it's been the case this time. The new year started off with a bang with precious metals out-shining the competition. Is this a harbinger of things to come? In today's Premium Update we take a closer look at this week's sharp rally in gold, silver and miners and analyze it from several perspectives. We also provide comments on changes in the situation on the general stock market.

Today's issue includes the analysis of: gold, GLD ETF, silver, SLV ETF, gold and bonds, gold from non-USD perspective, silver:gold ratio, HUI Index, GDX ETF, GDX:SPY ratio, Gold Miners Bullish Percent Index, our Correlation Matrix, USD Index, SPY ETF, and S&P 500 Index.

Moreover, today's report includes our up-to-date gold & silver junior rankings.

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We ended yesterday's Market Alert by saying that we will provide more detailed explanation in today's Premium Update, and this is precisely what we provide. We discuss the situation on the USD Index and the general stock market (and their impact on precious metals based on our Correlation Matrix) and we thoroughly analyze gold, silver and mining stocks. Among other things we analyze: patterns seen in gold, silver's long-term cycles, volume in gold and gold stocks, silver's breakdown, miners' performance relative to other stocks and Gold Miners Bullish Percent Index.

Additionally, in the Dec 17th 2010 update we provided guesstimated targets for this year ($1,800 for gold and $45 for silver) and this time we continue the "tradition" by providing analogous targets for 2012. We also comment on the article entitled Soros Sees Gold Prices on Brink of Bear Market.

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Market Alert sent on December 29, 2011

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