There is little doubt that GLD and SLV ETF's have hurt precious metals stocks and delayed the move higher by HUI and juniors in the process. I think the money flowing into gold/silver stocks is inevitable and will happen in a big way but just a little later than what we may have expected originally. If and when the HUI convincingly takes out 520 this could be an important catalyst for stocks to really play catchup. It's really been disappointing this year that gold stocks and HUI are where there are today given the price of the underlying gold/silver but I expect to see this change and in a big way.

We should remember that it took what seemed like forever for silver to confirm the gold move higher and now the stocks seem to be taking forever to confirm the gold and silver move higher but it will change. The contrarian forces have more tools in their kit than ever before but your can't fight primary secular bullmarket moves or you will lose in time.