barron's gold mine index in gold

sound money analysis & perspective

the classic barron's gold mine index versus physical gold. useful for judging whether mining equities are cheap or rich relative to the metal they extract. miners carry operating leverage, jurisdiction risk, dilution, and capital-allocation error that bullion does not. this historical series is unique because it bridges pre-etf decades of miner valuation; modern gdx alone cannot recreate that long memory. if you need the longest available miner-versus-metal relative value frame, this is the chart.