Although gold prices are off their highs of 2011, they still remain at a reasonably high level.
From the chart below, we can see that gold and silver are highly correlated:
The fact that gold prices remain high and the fact that the stock markets are near their highs would make one assume that gold stocks did well too, right? Wrong!
When we measure gold stocks (we take GDX as a proxy for gold stocks) in gold (we take GLD as a proxy for gold prices), we can see that they are setting new lows. This is in contrast with silver stocks (we take SIL as a proxy for silver stocks) measured in silver (we take SLV as a proxy for silver prices), which are still well above their lows.