Bob, what you're saying sounds reasonable, but I'm really not up on gold or gold miners. I've just been sitting here trying to figure out the disparities among the charts of GOLD, HUI, and XAU.
My understanding is that the miners lead the metal, so the differential between GOLD and the two mining indices is not that puzzling, but I don't understand the HUI/XAU differential, unless it is just that the HUI is, relatively speaking, the Nasdaq of miners while the XAU is, again relatively speaking, the DOW of the miners?
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