Based on today's strength in the mining stocks and - more importantly - based on the latest signal from the SP Short Term Gold Stock Bottom Indicator, we believe that the short position in the mining stocks should be closed.

At the same time we believe that keeping the speculative short position in gold and silver is still a good idea. The above-mentioned indicator - as its name says - is particularly reliable in case of mining stocks; it does not have so strong implications for silver and gold. We will provide you with charts illustrating these phenomena in this week's Premium Update (on Friday).

No changes as far as long-term precious metals investments are concerned.

As always, we'll keep you updated should our views on the market change - even if it means sending another message in several minutes. Thank you.

Sincerely,
Przemyslaw Radomski, CFA