With the end of the second quarter it is important to take stock and review how various assets have performed so far in 2009.

As per the tables below, gold and particularly silver have continued to outperform the vast majority of equity markets in the last six months. This is the particularly the case in terms of dollars (gold up 5.8%; silver up 21%) and euro (gold up 5.15%; silver up 20.3%). Thus gold again outperformed the benchmark S&P 500 (up 1.8) even after equity markets sharp rallies in the 2nd quarter.