The price of gold is up by about 2.7% so far in 2020. But gold stocks are down on the year. Why is this happening and what is this telling us?

When we talk about gold stocks, we’re referring generally to stock in companies involved in gold mining and exploration. The valuation of these stocks as a group typically track with the price of physical gold. When the price of gold is going up, the miners typically follow along.

So, why this recent divergence?

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