Marty.. you must be new to the PM sector. I have learned the hard way about this sector after investing in it for the past seven years, not so much the past year. I have made a fortune and lost a fortune sad to say and hard to admit. What I have learned is fundamentals really don't matter. The game IS rigged. This is speculation of the highest order. Fundamentals DO NOT MATTER. You can become an expert doing countless hours of DD and it will be meaningless. This sector is the playtoy of hedge funds, banks, hot money in general and easily manipulated. When for example the CEO of Ameritrade a major broker get's on tv and states our clients have on average 20 percent cash or they are heavily into financials it means the info is out on what the small investor is invested in. This I believe is what started the downdraft in the miners for the last couple of years as the little guy on average was too heavy into PM and an opportunity was there to take the money. Miners never reached high valuations and where more highly valued during the garbage 90's. They never got close to linkedin, facebook, netfix valuations, not even close. So I now consider this a lottery ticket sad to say.
gold miners are the best instrument to get manipulated. GDX moves depend on oil, gold, market, dollar and miners workforce, strikes and wars. forget the fundamentals, dont buy and hold, trade in sync with manipulation trend