I noticed the same thing, the miners have some catching up to do. By rights, the HUI should be up to around 320 and challenging 320-330 for a breakout. We may not correct as much as I think, or maybe we head straight up until the valuation resolves itself and then corrects.
One thing we know for sure, higher prices will lead to better earnings. Hopefully we’re in the 1st or 2nd inning of this game.