Ann: Quarterly Activities Report, page-22

i came across an interesting chart in the last day or two... an index called ASA (gold and silver miners) unlike the XGD it has data going back to 1968

this is the index divided by XAUUSD (also the smaller one is the XGD divided by XAUAUD... very simial patterning
the chart is also logarithmic

so miners have consistently been falling in price relative to gold for the entirey of the unpegging of fiat to gold era.. i dont have an explanation for it, I just find it quite a remarkable trend really
I still think miners will have a period of outperformance, so im not suggesting to dump all miners.



here is the ratio without log adjustment .. .0075/.1918 = a fall of 96.1%