GLD - on sell signal.
SLV - on sell signal.
GDX - on sell signal.
XGD.TO - on sell signal.
CEF - on sell signal.
This chart clearly shows how speculators are positioned in both a bull and bear market.
Currently net long at 28k, should see a tradable bottom soon.
Long term holders of gold and gold stocks may have capitulated this week with a huge gap down on heavy volume.
Long term - on major sell signal since Mar 2012 when $HUI was at 550.
Short term - on sell signals.
Gold sector cycle - down as of 5/16.
A tradable bottom should be in progress soon.