BCA Research has been in business since 1949. Recently the firm commented on gold stocks vs. gold as well as gold stocks in general.
You can find the full post here. Quoting part of it:
Gold stocks have been cannibalized by the surge in ETF volumes, with P/E multiples moving inversely with ETF flows. Part of the reason is that during times of extreme risk aversion and safe haven demand, investors prefer physical gold.
If we are right that 2013H1 will be dominated by easing “tail risk”, then a gold share rerating (vis-à-vis the gold price) is likely. But even if “tail risk” stays elevated in 2013H1, there are reasons to believe the underperformance of gold shares vis-à-vis the bullion price is overdone.
Investor disappointment over the past three years has left gold equities cheap, unloved and under owned. The final catalyst for gold shares may well be intense investor pressure to contain cost overruns and focus on efficiency. Six gold mining CEOs lost their jobs in 2012.