Echoes of 2008 Suggest Caution for Precious Metals Investors

``There are times in which gold bullion has significantly outperformed gold equities with the last three occurrences coming during periods of elevated financial stress... . As seen in the top panel below, the recent outperformance of gold bullion over gold equities is more than noticeable and may be foreshadowing another period of elevated financial stress ahead. As such, gold investors may want to take a "wait-and-see" approach before diving in head long to buy beat up gold stocks.''