This picture has to change as well. The Gold stock ETF:GDX compared to the Gold ETF:GLD needs to breakout and 'LEAD" not consistently underperform Gold in a falling channel. With investors/speculators able to buy Gold ETFs they no longer have to buy the Gold stocks to get exposure to Gold like years ago. Nice to avoid the multitude of individual issues that the Gold stocks have so am not surprised at the long term underperformance of the Gold stocks. But the chart will tell the tale best and so far no cigars for the Gold stocks.