Does history repeat, or do the miners finally make a historic run vs gold?

Right now, the XAU to gold ratio action looks exactly like it did during the 2000s.  Of course, the miners can continue in a bull run, just as they did in from 2000-2008, but they may still underperform gold.

Really, it’s the ratio’s the inability to get and stay above the declining 600 week MA that is the problem. I believe that if we take out the 2021 peak in the ratio significantly and it can stay above that peak for a month or two, that will signal a very significant shift in the long term course of this ratio.  Until then, however…