Core Viewpoint - The rising gold prices, now surpassing $4,000 per ounce, are not reflected in the performance of gold mining stocks, which remain largely down despite the commodity's rally [2][3][4]. Gold Prices and Market Performance - Gold prices have recently surged past $4,000, currently trading at $4,011.5 per ounce, marking a significant increase [2][7]. - The SPDR Gold Trust (NYSE:GLD), which tracks gold prices, has increased by 49.24% year-to-date, closing at $366.26 [7]. Gold Mining Stocks Performance - Despite gold's record high, most gold mining stocks have underperformed, with some even declining over the past week [3][6]. - Year-to-date performance of selected gold mining stocks shows significant gains, with Kinross Gold Corp. (up 155.67%) and Newmont Corp. (up 126.61%), but their recent weekly performance has been lackluster [6]. Investor Sentiment and Market Dynamics - Economist Peter Schiff describes the current gold bull market as "the most unloved in history," attributing the underperformance of mining stocks to "nervous investors" who are quick to take profits [3][4]. - Macro strategist Otavio Costa notes that despite the rally, miners' price-to-earnings ratios have contracted, suggesting that if gold prices remain high, miners could achieve their highest profit margins ever [5].