Just got a chance to read this. Louise has a great chart which shows the long term underperformance of gold stocks versus the metal. She says:

The Gold stocks vs Gold ratio (see Figure 20) remains in a structural downtrend (gold stocks underperforming the metal), even achieving a new low showing that Gold, the metal, even as it has declined, continues to outperform the gold stocks. We have not been in favor of these stocks since the original 25-year breakdown [my emphasis] which took place as the Gold ETFs came into being, permitting methods of owning the metal over stocks. A secondary breakdown took place in 2011 and now the stocks are continuing to underperform the metal as noted here (see arrow) with a new relative low, notwithstanding interim stock rallies.

King World's response was simply amazing:

King World News Note: The chart which Yamada featured above showing the ‘XAU Relative Ratio to Gold’ is incredibly important. It shows that the mining shares are at one of the most discounted prices in history. This is also reflected by the near record bearish sentiment in both gold and silver. Silver has 63% fewer bulls than what was seen at the 2011 peak, and gold gas 53% fewer bulls. Although the central planners have successfully destroyed investor sentiment in the metals and the shares, this is extremely constructive [my empasis] in terms of this historic secular bull market in gold and silver. This is what happens in big bull markets, weak hands are shaken out.

Brings to mind a line from Paul Simon: A man hears what he wants to hear & disregards the rest....