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Over the last six weeks, the Philadelphia Gold and Silver Index ("XAU") has lost an eye-popping 16.2% while spot gold has slipped by 2.7%.
The last time the XAU fared as poorly relative to the price of the yellow metal was in August, after which the shares staged a notable rebound.
Indeed, with the benchmark index of precious metals mining shares nearing short-term technical support, the stage seems set for a replay of that summer reversal of fortunes.
Depending on your risk profile, it could be a good time to buy mining shares -- or, perhaps, the Market Vectors Gold Miners ETF (AMEX: GDX) -- and sell (or sell short) the underlying metal -- or a substitute such as the streetTRACKS Gold Trust ETF (AMEX: GLD).
Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle.
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