Precious metals closed the first quarter with solid gains. Gold gained almost
9% while Silver gained 14%. The miners (GDX and GDXJ) gained the same amounts
(9% and 14%) but unlike the metals which closed at their highs of the quarter,
ended up losing more than half their gains. Despite a strong quarter, the entire
complex remains below the February highs and 200-day moving average (ex Silver)
just days after the US Dollar index rebounded strongly from its own 200-day
moving average.
