Will miners ever cease lagging gold?

Last year a nascent regression between gold miners (using the HUI index of unhedged gold miners) and the yellow metal seemed to interrupt the unabated miner slide relative to gold.

Are miners locking in a linear regression to the gold price?

A nascent regression between gold miners (using the HUI index of unhedged gold miners) and the yellow metal may finally interrupt the unabated miner slide relative to gold.

Miners index (HUI) to gold regression impaired.

The linear regression between the HUI miners index and the gold price which was valid since Aug 2018, has come under severe strain since last summer. Permanently negative residuals are a clear statistical indication that the linear relationship is seriously impaired.

Oversold miners; Lagging gold

The yellow metal peaked in August 2020 at an all time high, with miners following in the slip stream. While little over one year later, gold is less than 15% off its peak, miners are oversold and lagging gold.

Gold miners regain their regression trend line

Since the summer of 2018, the HUI gold miners index has been following a regression trend line relative to gold. The emerging trend was first described in September 2019 and confirmed last year.

New linear regression between the HUI miners index and the Gold Price

Price trends of individual miners are correlated with the gold price. On an aggregated level, a linear regression between the HUI gold miners index and gold may for hold several years. Presently, an emerging linear regression is revealed, fundamentally different from what was observed before.