GDX has been on such a slide for years, this maybe on the beginning on a multi-year run.
We haven't had a weekly moving average cross yet to confirm a multi-year run, but in the short term a nice trend change. (see this post for long term indicator)
I also wouldn't be surprised in a whip-saw action into the yearly options expiration in mid-January, it simply becomes where the big money wants it to go.
To the chart!
Also Oil has taken a huge hit, which will help gold miners profits. Whenever Oil bottoms, huge buying opportunity, anyones guess how low it will go. There is severe international games going on with Oil, and Russia is taking the worst hit!
Russia 2 year federal bond is paying about 16%!!!! compare that to USA 2 year bond at 0.66%!!!
Oil price collapsed with Ruble devalued and Russia rates soaring is not a good time for Russia.