It's not serious analysis, but it is amazing how a gap in a chart can haunt a market for so long. While there is no such gap on HUI, I took a look at the GDM and found one way back there at the start of the former secular bull market. It is almost as if 2015 is finishing 2008's unfinished business.

Is that what this is all about? Is that why this market had to break the higher highs and higher lows (green arrows)? To fill a stupid gap? Don't interpret the blue dotted line as support (because it isn't). It is just there to show how much (or little) further down the gap is. There is no stop sign at a gap, it just wants to be filled.

The index put in a bottoming attempt last year amidst hype about Ukraine and gold's geopolitical hedge qualities (which don't exist beyond short-term momentum) and the Ebola virus that the “community” concocted at the most obnoxious point, right before the index failed. Now it's a red arrow (lower low) and a fateful gap fill looking more likely either sooner or later.