James Turk comments on what he sees as "the most important and extraordinary chart of 2012" (emphasis mine):
Take a look at the following 30 year chart, which I believe is the most important and extraordinary chart for 2012. It presents the XAU Gold Mining Index measured in terms of gold, not dollars:
We're making history here. Gold stocks have never been this undervalued before. We've had a 12 year bull market in gold, but we've also had a 15 year bear market in gold shares that began with the Bre-X collapse.
It’s very rare in market history to see an outlier like this. This is an extraordinary event. Years from now we are going to look back and shake our heads in disbelief at how undervalued gold stocks were in 2012.Good long-term perspective for the demoralized gold mining investment community. The darkest hour is just before the dawn . . . give or take a year or two.