We were comparing price performance. If you would like to compare Apples to Apples I will gladly compare Gold Stock performance to S&P 500 stock performance to include dividends. Some of the Gold stocks themselves have dividends. The dividend yield on the S&P 500 is 1.7%. This yield is closer to historical lows than historical highs for dividend yield and is another item pointing to the S&P 500 being over valued.
Apples to Apples - GOLD Index HUI to Large Cap Index S&P 500 Gold Stocks have outperformed the S&P 500 by 67%. The S&P 500 has been heading up for almost 3 years now and still underperformed gold stocks by 67%. This does not include dividends from either index but a 1.7% yield doesn't make up much ground.
HUI Gold Stock Index = Green S&P 500 Index = Blue