Here is the ABX/GLD Ratio chart. Still very bearish with the Gold stocks consistently underperforming the metal for the last 7 years or so. Same chart is seen with the GDX/GLD as well as ABX is a big part of any Gold stock ETF used. Only thing it is showing is the double bottom being approached at the Oct 2008 low. Breaking that would be a continuation of the selloff to more new lows. Bouncing off that low and building a base would be significant. So far nothing much bullish in the chart.
Using ABX.to the Oct 2008 broke down last April 2011 and continues to make new lows. The currency changes shows a weaker chart with the Can listed Gold stocks. That ratio chart has just been in a steady downtrend.