The performance story does not get any better when examining trailing one year performance either, as the Miners are clearly lagging the returns of spot gold by a wider than historically observable gap.

While it is difficult to forecast if this performance gap between the Miners and spot Gold is the “new norm”, we have seen recent evidence of options players trading from the long side of the miners via GDX and other ETFs as mentioned in this space.

Market Vectors TR Gold Miners

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