Comments from Steve Savilleregarding how gold bullion has outpaced the gold shares.
"Since late 2003 the gold sector of the stock market has been in consolidation relative to gold bullion, but the rapid widening of the US yield-spread over the past 6 months -- as indicated on our chart by the sharp rise in the TYX/FVX ratio -- suggests that this lengthy consolidation will soon come to an end. To be more specific, it suggests that the gold sector of the stock market will soon commence a multi-quarter, or perhaps even a multi-year, rally relative to gold bullion"
All aboard, SL