Pring's Index -

Comparing Pring's Inflation/Deflation index against GBN.V share prices gives you a unique opportunity to gauge the outcome of the business cycle in mining shares vs. stock markets, compares with the CRB, and compares with the gold/silver ratio.

As a matter of curiosity, I added a 200-month EMA. You can see that averages were just above the low of the financial crisis. We are in a very deep recession in mining shares as a whole vs the stock market, and GBN.V share prices reflect that in a log scale, where returns have been in U.S. stocks, and in Canada, real estate.

(you may need a stockcharts account)

http://schrts.co/fZoUXW

-F6