I'm Sorry I always thought that if the price of gold was going to rise then the price of gold shares would go with it. I never buy physical gold or certificates (talk about a ponzi scheme). I guess I miss the point of your reply.

A dislocating event like that which happened last summer underscores the difference.

Crashing markets resulted in investors selling everything off to pay off the margin clerks, or simply just to run to cash out of fear. As the price of gold recovered slowly, SGR continued down to its bottom ~$0.57 in November.

Or don't you remember?