This chart shows the year-to-date performance of gold vs gold stocks. We see that gold stocks of all kinds have outperformed gold itself. The Market Vectors Gold Miners fund (ARCA:GDX) is an ETF of larger, more established miners; Market Vectors Junior Gold Miners fund (ARCA:GDXJ) is an ETF of junior miners. Royal Gold (NASDAQ:RGLD), Sandstorm Gold (ARCA:SAND), and Franco-Nevada Corporation (FNV) are royalty stocks, which are basically firms that invest in other mines in exchange for a share of their output.
Personally, I think these trends may continue—though I still favor the accumulation of gold in the long run, as I think it is a safer, less speculative investment. More important, though, I think the outperformance year-to-date further supports the notion that the entire gold market has bottomed, and bulls are gearing up for the next leg up.