Gold vs. Gold Miners

I have been looking at the following chart quite a bit lately.

Click on the chart to see a larger image!!
Posted by Hello
A few interpretations I can think of are: Gold stocks are leading the price of gold down just like they led them on the way up. The gold ETF (GLD) has taken the bid away for mining stocks as a proxy. And, mining stock prices relative to gold are being skewed by the recent negative preformance in equity indices.

I lean towards the last option with the second as my next guess. Anyway this can be played by rotating out of the metal and into stocks, rotating shorts to the metal rather than the stocks, or by creating a dollar weighted pairs trade. I am mixing the pairs trade with outright equity longs for myself.