Take physic, pomp

Gold versus the miners

What with today’s big upmove in gold (GLD up 2.4%) that was even bigger in the world’s big gold mining companies (NEM up 6.7%, AEM up 7.5%, ABX up 7.3%, GFI up 9.3%, GG up 8%, KGC down 1.3%…cos its quarter way sucked), I began to wonder just how much the big gold miners had beaten out their product, gold, in the last few months.
click to enlarge

The answer is: By nothing. Surprisingly, gold the metal (here noted by the ETF proxy, GLD) has performed better than all the abovementioned gold miners in the quarter to date, either by a little (GFI nearly got there today) or a lot (a full 23% breach between GLD and Kinross).

Just sayin’

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