There are trends within trends Gil. You are looking at only one. I would say most of the good mining companies and pm companies are experiencing the same action as TNX is. It's not just limited to TNX but to so many other gold and silver related companies. TNX is not in a bubble compared to the other miners.

Let the short term trend play out in TNX and let the dollar, bond market, commodity market all come together to provide the fuel for TNX and the so many other precious metals stocks that are failing to participate, but are waiting in the wings.

I believe you will see the pm equities that gained the most during the last six month period of time will perform well over the next leg up but the equities that are just completing the recent consolidation period will perform the best. TNX is in that best category.

Your example when comparing the gold price to TNX just illustrates how under valued TNX truely is today.