People need to first separate bullion from mining stocks. Precious metal/gold/mining mutual funds own mining stocks. You've heard the expression, 'a rising tide lifts all boats'? Well that applies to mining stocks as well should the overall stock market be rising. This is why we look at the gold/XAU ratio. It reflects the relationship between the price of bullion gold and the price of mining stocks. Granted, that they don't diverge for long and over time do reflect each other, but in the short run, they can move in opposite directions.