For starters, there is no formula that states that the Miners have to return x% of Gold. They are not commodities but stocks, and as such their returns are dictated by dividends, earnings growth and multiple expansion/contraction. While these factors are undoubtedly influenced by the price of Gold, they are not ruled by the price of Gold. As we have seen since 2006, the price of Gold can go up and if the Mining companies are poorly managed and multiples contract, their stocks can certainly go down.
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