Via Globe & Mail

"Gold miners offer an attractive way to play this bullion rally. Mining is a tough business, but those companies that are successful at growing production and reserves, while holding the line on costs, offer significantly greater leverage than bullion to a rally in the gold price. Because input costs tend to be heavily concentrated in the early years of a rally, history has shown that gold miners’ shares tend to dramatically outperform bullion in the later stages of a gold bull market."

Rosenberg On Miners