Gold miners should be up about double the metal price, but that hasn't happened, noted Ryan McIntyre, a managing partner at Sprott. 

On Tuesday McIntyre spoke to Kitco Mining. 

Sprott offers investments in precious metals and critical materials, including gold, silver, platinum and palladium. Sprott was founded in 1981 by Eric Sprott. The company has 250,000 clients and about $29.4 billion in assets under management.

Despite gold hitting several all-time highs, the gold miners have still not rallied that strongly. The VanEck Gold Miners ETF is only up 10% year to date. McIntyre expects a two to one ratio in terms of the performance for gold mining stocks. 

"So if gold were up 13%, we'd expect the miners to be about 26% or so—plus or minus—and that's really due to operating leverage that all miners have," said McIntyre. "We really haven't seen that yet, which is actually good. If you're looking to invest today, gold mining stocks are actually a great spot to be. They haven't kept up to even the gold price this year." 

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