I've been having the discussion on the title lately with a client, coworkers, and last night, with Certified Users in the WSO chat.
The discussion stems from the fact that since about June 2008, the return of GDX vs Gold Spot has deviated significantly.
For those of you who don't know, GDX is the Market Vectors Gold Miners ETF. (You can find the Factsheet of the ETF Here) From the Factsheet:
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