In a Daily Markets article, Jordan Roy-Byrne given his take on why gold and gold stocks (as represented by ETFs) have been consolidating over the last five months. Gold's been held back by the strong performance of U.S. equities, which have taken capital away from gold demand. Also, silver has recently drained off demand for gold with its strong performance.
As for the gold shares, they are hampered by the more modest rise in gold in Canadian dollars. Since many gold miners are Canadian, they tend to book revenue in C$ terms. For Canadian mines, they have to spend Canadian dollars. (The same hampering applies also to Australian companies and the A$.) Currency effects, plus the higher cost of oil and petroleum products, have held down profits. Miners are squeezed by higher oil prices because about 25% of their operating costs are for petroleum products.
That currency effect is a good catch, even if many Canadian companies listed on senior American exchanges do report in US$. Mine costs have to be paid in the local currency.