Money continues to flow into the shares. Looks like John Embry knows what he talking about from Brutus' linked interview of him at kingworldnews.com when he said they represent great value.

Technically speaking, the precious metal shares are on the verge of a new leg up. The daily Gold/XAU ratio chart is linked below showing gold continuing to lose ground for the reason the shares are now out-performing it. This usually happens when increased smart money starts pouring into the shares as they are expecting higher metal prices or the valuations of the shares have hit rock bottom.

Gold's relative strength rally-back on the chart to the previous support area of 9.60, now resistence, has failed setting the stage for the shares to kick into high gear against gold. The last on the ratio Index is 9.19 off on the day 0.07. All this means is, most probably, gold and silver will advance but the shares will do better.

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