"It is a fact proven by the HUI's rise from 36 to over 600 this century that gold shares have strongly outperformed gold"
Most of that rise happened in the first 3 yrs of the bull market. For most gold investors who entered the market after 2003, gold shares have terribly disappointed.
HUI has only slightly more than doubled from 250 to 600 while gold has soared from $400 to $1900.
One of the reasons why gold stocks did so well from 2001-03 was on account of their fantastic profitability as the gold price outperformed other assets particularly commodities.
Since 2009 we have entered another period of enhanced profitability, but when will gold stocks reflect this? That's the big question. I'd say when markets have settled and fear has receded... watch for rising US treasury yields.
Rowingboat
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