Study this $XAU (Major Gold Stock Index) to $GOLD Ratio Chart

This Ratio PEAKED in 1996 while Gold was still in its Bear Market

The Price of Gold was around $400 !

Since that Point ( The Bre-X Mania and Crash) Gold Stocks had been in a steady 20 year Decline vs the Gold Price.

Yes…even all during the Y2K decade when Gold went from $250 to $1900. Gold Stocks LAGGED the price.

(HINT : You were far better of just buying Physical Gold than “playing” with Gold stocks all through this epic Gold Run. Yes Virginia its brutally true.)

Perhaps the Bre-X Fraud has still left a big stigma associated with Gold Stocks…of which Will Rogers once said.

A Gold Mining Stock is a Hole in the Ground with a Liar on top.

So far it looks like the ratio bottomed in 2016 BUT the “rally” has been uninspiring so far.

A yet Hope Springs !

Good luck !