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 24k, should see a tradable bottom soon.

Summary
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, be patient.