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It may not be a straight path to profits, but gold and silver still have some real upside left for 2013, notes Pamela and Mary Anne Aden of The Aden Forecast.

Last year has been a challenging year. As it drew to a close, all eyes were on the fiscal cliff...will it be resolved or not and how will it affect our investments? The consensus was that if an agreement is reached, stocks, metals and commodities will head higher. If not, the safe havens will have the advantage, which will push the US dollar and bonds up.

Gold was volatile last month. It bounced around due to several factors but the fiscal cliff was most influential. Gold tested the $1700 level but it then rebounded and its major trend remains up by staying above $1675 and $1640.

Gold's fundamentals are also very bullish. Demand is strong and this alone will likely propel gold to far higher levels. Currently, a B decline is in process but it could end at any time. This is providing a good opportunity now to buy new positions or add to the ones you already have.

We recommend buying and holding gold and silver, but if you already have all your positions purchased, then sit tight.

We also advise keeping more of your metals position in coins or bars. We like the ETFs too...SPDR Gold Trust (GLD), iShares Gold Trust (IAU) and iShares Silver Trust (SLV). Hold the gold and silver shares you have but keep a smaller portion of your metals portfolio in the shares.

If you want to buy new positions, then buy the strongest ones at the top of the list. Central Fund of Canada Ltd (CEF) is a great way to hold physical gold and silver in Canada.

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Finding the Best Equity ETFs