Despite the respect I have for Nick, unfortunately I think him or his team prefer to be selective ie. one stock for comparison versus bullion (in his example, Homestake) or a selective year. He should be a journalist.
Plenty of examples to the contrary.
Try a 5 yr time-line: 2002 - 2007
Gold: $250 to $900;
HUI: 60 - 450!
That's not even taking into account juniors.
But what's Nick's business? Yep, Bullion.
