It's down now. I really thing Friday was nothing more than a technical relief rally at quarter end (albeit an impressive one). I think downward trend resumes this week... I ultimately see GDX bottoming in the 18-19 range up against the 2008 lows. I loaded up on Aug 20 puts late on Friday. I'm down a bit already, but fully expect this to be a double or triple for me before I go long GDX calls later this year.
We shall see. It is up now. It seems it has been going down for so long, that a relief rally is here. Who knows how long that will last. But, I would hate to be short gold when it has been down for so long. I would rather be long. Good luck. :)