Gold is at all time highs, but the XAU index of gold and silver stocks is well below levels attained in 2008. The crash last year in precious metals requites scared many away from the sector, and while gains have been breathtaking in 2009, the equities of companies that mine gold have been lagging the commodity, both over the long term and in the past few weeks. If gold prices stay high, XAU equities have some catching up to do.
