The Gold/XAU ratio chart has recently turned up for the short term which will be exerting downward pressure on the PM stocks compared to gold in general. The short term flip-flop occurred when the ratio prices turned higher surpassing their 50 day average on the chart. This is all being forced upon shareholders in this group by the powerful hedge funds. Giving the funds the power to manipulate prices lower is in their ability to sell stocks they don't own with regulators not giving hoot concerning this fraud.

Until the chart goes bullish for, at least the short term, all holders in the gold and silver related companies will continue to be underperformers against gold with the exception of individually positive news related events.

The long term picture on the chart continues to favor holding the bullion as oppopsed to the shares. Until this changes, expect more general malice to be exerted on the sector shares from the continuing naked shorting by the hedge funds.

http://stockcharts.com/h-sc/ui?s=%24gold%3A%24XAU