After the GDX rose ~53% with gold up 9% in 2016 the roles have reversed thus far in 2017:
Via RBC
The majority of gold miners are lagging gold year-to-date. This could be making up for last year's outperformance and/or it could also be the final part of a stage 1 market cycle. With stage 2 (the biggest rally stage) beginning at some point this summer or at the beginning of the fall.
GDXJ (Monthly)
Via @FordWealth
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