Someone seems to come in and sell/short a large # of shares to knock the price down into the close every day as well. If you watch from about 3:45 on it's clear as day. I've only been in GDXJ for a short period of time but I noticed the pattern almost immediately.
There is a HUGE ongoing effort to suppress these ETFs and gold. Just look at what happened this morning.
The headlines read gold down because no more QE anticipated. Then the poor initial jobless claims came out and gold popped up only to be pushed back down. Now, the headlines read gold is down because it's a risk off trading day. It's all nonsense. Gold should have had a huge response to the jobless numbers.
Again. It looks like the market is totally unregulated. It'd be nice to hear someone explain how this happens legally. If not, it would be nice to see someone get in trouble for doing it. All incumbents are losing my vote with their inaction.