If you have a chance, listen to Pierre Lasonde's most recent piece on KWN. He talks about the price of gold and the shares as well. He thinks gold will be in around $1500 for the next 6 to 9 months but on the other hand, the gold shares will outperform physical for the first time in years. The reason being that the analysts are always using outdated gold prices which have been below current prices for the past few years. Now the analysts can properly value the gold shares with physical at $1500 which is still higher than they have been using.

Here's the link:

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/12/24_Pierre_Lassonde.html