GDX Stinks

We have been noting the bearish state of the gold miners for all too long now; most recently in NFTRH 321.  But at some point I have got to believe that given a continued fundamental improvement and clearing of tax loss season, an opportunity is coming.

Meanwhile, here’s the last straw breaking on the short-term view of GDX.  Is it leading gold and silver or just getting hammered by tax selling?