Whilst gold continues to firm on positive fundamentals, thermal coal represents a rather bleak story. The brutal reality for Australian coal producers is that it's likely to be another 12 months before things start to improve price-wise, meaning there is little incentive for investors to take a punt on the sector and invest in coal stocks any time soon. On the other hand gold continues to represent a positive picture. Sales of jewellery, coins and bars will reach as high as 1,000 metric tons in India and China during 2013, according to World Gold Council estimates. This is no surprise to us, as we've believed in the long-term transfer of gold from West to East for some time now, and these latest forecasts simply reinforce our positive view on gold and why it will go higher.


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