Depite it's name, the XAU index of mining stocks is more heavily weighted toward base metals miners than one would think. That's why it is among the best markets to follow for what's happening in general within the mining business.

On this chart, you will see that the current level for this index is tied with it's low following the so-called Financial Crisis, and the previous low some years before that.

http://finance.yahoo.com/echarts?s=^XAU+Interactive#{%22range%22%3A%2210y%22%2C%22lineType%22%3A%22combo%22%2C%22indicators%22%3A{%22sma%22%3A[{%22id%22%3A%22sma50%22%2C%22name%22%3A%22sma%22%2C%22params%22%3A[50]%2C%22lineType%22%3A%22line%22%2C%22color%22%3A%22%2338761d%22%2C%22weight%22%3A1}]%2C%22ema%22%3A[{%22id%22%3A%22ema50%22%2C%22name%22%3A%22ema%22%2C%22params%22%3A[50]%2C%22lineType%22%3A%22line%22%2C%22color%22%3A%22%239fc5e8%22%2C%22weight%22%3A1}]}%2C%22scale%22%3A%22linear%22}

As everything almost always gets more expensive over time, these charts suggest (to me) that the most probable next event for this index is an explosive move to the upside. While I'm not really much of a technical analyst - one who basically studies charts for indications of future events - I think market fundaments quite strongly support this conclusion as well.

By the way, this is an example of posting I put up on that other board long ago, ones that would be deleted as "off topic", and for which repeated "abuses" would get me suspended. Yes, I'm talking about the site that was founded, I later discovered, as a criminal enterprise. It seems to have changed focus somewhat in recent years in that they now seem more intent of provoking clicks and postings to increase revenue than in stealing credit card info and doing stock manipulations, IMO and FWIW.

VP