"K would have to be appreciating at twice the average of the major gold equities to match HGU's returns and it just hasn't managed to do that and don't expect it to over the next few months."

I'm afraid your comparing apples & oranges. You understand HGU is a leveraged play at 2X. Therefore you also loose 2X if gold stocks go down. If you want to be fair & I'm sure you do, divide your profit or loss by 2 & then compare. The benefit is really that you only need to spend 1/2 as much money to get about the same action in a group of gold stocks. IMO K has been & will continue to be the star of the majors.