Valuation of miners compared to price of gold has been declining since 1965. Nothing globally is under valued as PM miners are currently.

During brutal bear market of 1980’s the ratio traded between 0.159 to high of 0.391.

During bull market from 2000 to 2008 the ratio traded between 0.159 to high of 0.284.
Recovering from crash of 2008 from low of 0.082 to 0.181 only (BT).

The current bear market has the ratio trading as low as 0.038.

Monthly chart is showing bullish divergence with RSI, TSI exc.

Money will be made if the XAU/GOLD ratio improves to 0.82 BT the low of 2008 crash. .082/.038- 2.15 times.

How long: signs are there in bullish divergence????

xau to gold monthly

Below is BMGI to gold chart from 1964:

BMGJ vs Gold