While gold is up $230 from December for a gain of 22% and silver has added $3.45 for a 25% gain over the same time frame, the real news in the investment world has been the action in the gold and silver miners. Indeed, from the winter lows, the HUI Index of gold and silver mining equities is up an incredible 130%, far outpacing the gains mentioned above in the precious metals themselves.

Is it too late for investors to participate in this move? To attempt to answer that question, in this article we look at the mathematics behind the mining industry and some historic valuation metrics for the gold and silver miners compared to other economic assets.

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