From Myrmikan research .....may help explain the disconnect...

From Myrmikan research .....may help explain the disconnect between POG and the stocks

The gold miners have yet to participate in gold’s rise. Unlike gold, gold mines are capital assets, the values of which are dependent on future cash flows and capital inflows. Consider September 3, a day on which oil fell by 5.8% and the gold price was flat. That was a fantastic day for the economics of mining: revenues were constant, and one of the major costs fell precipitously. Of course it takes time for such changes to flow into cash flows, but the whole point of financial markets is to react to such changes immediately. Yet gold stocks got clobbered on September 3 from adverse financial market liquidity.
Just because gold stocks responded in the moment to general asset prices, however, does not mean that they are defective hedges against the coming financial chaos. We know from the 1930s and the 1970s that over all but the shortest of time frames gold mining shares do respond to the economics of mining: capital does and will find value.
It is already happening. On August 12, Gold Fields acquired Osisko Mining at a 55% premium to its 20-day VWAP, which implied a price of $220/oz, the most expensive transaction since the 2021 froth when Kinross acquired Great Bear for $275/oz (and the resource wasn’t even defined until post-acquisition).
The difference between 2021 and now is that the gold price is trending higher not because of the sugar rush of Fed printing COVID money but because of major structural issues in the U.S. dollar. The Osisko acquisition put other companies on notice that they will have to pay up for premier assets. It also removes a large development project from the market. The juniors are challenged now because of the lack of capital flowing into the junior subsector. But they are far more operationally levered than the mega projects, and capital will find them at some point.