Baires,

Yes, and a good visualization of the massive increase in the real price of gold you speak of can be seen here. This is the price of gold divided by the Reuters CRB commodity index, which has a similar makeup as the Rogers Raw Material Fund. Note the massive breakout in late 2008 / early 2009 for the real price of gold, as one ounce of gold increased 50% in its purchasing power in only a few months, from 1.6 shares of the CRB to 2.4 shares. This is the real price increase that Bob Hoye believes is on the verge of working its way through the junior gold mining sector.