The graph you posted shows that the cost of the miners is at an all time low compared to the Gold Price which means they are very oversold and cheap, ready to buy and are being bought hand over fist at the moment. Gold is disappearing out of the ETF's at the fastest rate ever which means big investors are standing for delivery. Only reasonably big investors can take delivery from etf's like the GLD because of the minimum no of ounces which must be taken. Big international investors taking the GOLD cheap.
