statistical arbitrage. some hedge funds go long bullion and short the miners. guaranteed you know who is all over this practice and given their inside knowledge of the fundamentals at San Gold, they are way ahead of the curve.

An example:

http://hubpages.com/hub/Steven-Zoernack-and-The-Bullion-Fund-Deploy-Equity-LongShort-Strategy-with-Apple-AAPL-and-Research-in-Motion-RIMM