The Financial Post reports in its Thursday edition that Canada's gold mining sector experienced a historic bull run two decades ago due to rising gold prices. The Post's Gabriel Friedman writes that however, despite gold reaching all-time highs again, investors are currently abandoning gold miners' stocks. Even gold exchange traded funds are contracting as gold prices rise -- precisely the opposite of what many analysts expected. The disconnect ties into a broader trend in which the profile of the largest buyer of gold has shifted: investors are fleeing the gold industry, dumping gold mining stocks and redeeming gold ETFs, while central banks, particularly in China, have dramatically increased annual bullion purchases in the past two years. The result is that the price of gold is shattering record after record, currently trading at $2,150 (U.S.) per ounce and up 32 per cent since November, 2022, but gold mining stocks are being crushed. Since May shares of Agnico Eagle Mines have dropped 7.4 per cent, while those of Barrick Gold and Newmont, which operates five mines in Canada, have fallen 23 per cent and 30 per cent. Agnico head Ammar Al-Joundi says business is good, "Ironically, the share price isn't following."