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Buying Gold Stocks vs. Gold

recently heard from Charles Nenner from the Charles Nenner Research Center that he likes the gold stocks better than outright buying gold right now.  He claims that gold stocks have been lagging gold for some time now, so I decided to investigate.  Here is a gold mining ETF GDX plotted against GLD, the gold ETF, plotted on Yahoo! Finance:

GDX vs. GLD

I appears Charles is correct and the mining stocks would make a good pairs trade with GLD.  If you're looking for a little less risk, the mining ETF XME is also showing this diversion:

Disclosure: No positions

XME vs. GLD