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.