The HUI Index just moved below the 328 level, so we no longer suggest keeping an open speculative long position in the mining stocks. We will now have to wait and see how gold, silver and mining stocks close the day and based on that we will let you know if any changes are to be made in the long-term investment capital or the rest of the speculative one.

While we are not suggesting closing the speculative long position in gold yet, we suggest moving the stop-loss a bit higher - to $1,552.

All in all, the part of the speculative capital based on our subjective analysis is not only partly long (long gold, no position in silver nor mining stocks) and the part dedicated to the SP Indicators is fully long (gold, silver mining stocks).

We suggest remaining in the precious metals market with your long-term investments.

As always, we'll keep you updated should our views on the market change. We will continue to send out Market Alerts on a daily basis (except when Premium Updates are posted) at least until the end of April, 2013 and we will send additional Market Alerts whenever appropriate.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA