As everyone knows and your chart shows, the gap between ABX and gold pricing has widened significantly especially over the past 2 years. Most senior gold miners had a similar experience. For ABX the main reasons are well known;
1 internal decision making such as buying Equinox
2 internal execution including huge capital costs and delays in Pueblo Viejo and Pascua Lama
3 in general costs have been rising faster than expected (similar story at competitors)
4 All gold companies have seen their multiples drop ( P/E, cash flow, etc)
Will this trend continue? I think not, at least not for very long. P/E is now approximately 8 at current gold prices. This implies a 12.5% in invested money which is 4 or 5 times the interest rates. The 2015 P/E is about 6 based on current gold and silver prices.
My forecast. The trend is about to end. Overshooting happens all the time in the stock market and this is a great example.