I guess many gold bugs are wondering what is going on. From a micro ultra short - term perspective, gold is going up or trading sideways but GDX or GDXJ do not follow it.
For example, today GDX is losing around 2% (GDXJ is 2.2% down at the time of writing) but gold prices are generally unchanged (now they are 0.1% up). Here is the answer:
Simply put, a bunch of deep pockets is trying to scare the gold bugs. They do it in the most primitive way it can be done, which means that the fight is around the 50-day moving average (does anybody care about the 50-day moving average? I do not).
My advice is simple - let them play what they have to play. That is how this market works so...do nothing.