benchmark Philadelphia Gold & Silver Index in December traded at the cheapest ever relative to the price of bullion

The ratio of the Philadelphia Gold & Silver Index to gold futures reached 0.066 on Dec. 5, the lowest since the data begins in 1983. The measure was at 0.075 yesterday, and averaged 0.16 in the past 10 years

me : when shares of gold mining companies are trading at about historic lows; bubble in gold prices are far away.