Gold miners (XAU index) are deeply undervalued relative to both the S&P and gold: the XAU/S&P spread is breaking a four-point trendline and miners are roughly double their performance lows versus the S&P, while the XAU/gold spread that lived at 17.5-30% for three decades now sits near 7%, so miners could double or triple just reaching prior resistance and are likely to outperform gold over the next year or two.