Re: Gold up again, close to record highs, yet.... *PIC*
The GDX/Gold ratio chart shows how anemic the miner's performance has been versus Gold going back to last summer. Investors have received virtually no leverage to the POG for the extra risk taken in owning the producers of the metal. Astonishing when one considers how strong the run in Gold has been over the last 8-9 months.
Note that the ratio closed below the 200dma today after another failed test to get above it...