Stone,

I suggest backing that chart up to a few years for a bigger picture. I think the last few months have been more the exception than the rule. As soon as the panic selling stops, the people calling in redemptions on their "Total Stock Market Return" mutual funds, these two indices will part ways again. A second catalyst will be gold breaking through $1000 for good.

In my opinion, they will both head back up, as the inflation takes the DOW up in nominal terms and the GDX/XAU/HUI in real terms.

Hysteria