A slightly different angle - GDX:GDXJ ratio. Notable spikes are around Feb 2016 and at the beginning of 2017. Also note gap up yesterday.
Other gold-bullish indicators: UST yields broke support and heading down, Banks (BKX) are heading down too.
On the other hand 10/2 year curve flattens which is generally considered gold bearish (I'm not sure I agree with that), commodities are also in decline.
To me this looks like a fear trade, not the inflation trade. In which case we may see for a while under-performance gold stocks to gold and juniors to majors. However I view this as a buying opportunity for juniors. Or may be I'm just rationalizing my silly decisions.
A slightly different angle - GDX:GDXJ ratio. Notable spikes are...
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