This one shows the drastic underperformance of Gold stocks versus bullion over the last 3 years. After getting crushed for most of 2011, this ratio has ended the final months of the year creeping along the bottom, testing similarly low levels last seen coming out of the 2008 credit crisis...also note the positive divergence on the MACD (and other indicators) since mid-year...today's performance by the Gold stocks is pushing the ratio back above the 10wma for the moment...