GLD and GDX are not working due to the fact that everyone is thinking fiscal crisis in Europe is off the table. I don't believe that but the market does. With the Italian election now casting a cloud on fiscal reform in Europe, GLD and in particular GDX should do better. The miners were hit first and the hardest so in my opinion they have the most upside. I have been buying the miners down here because they are priced like Gold is going below $1000 and I don't think that it is. I have virtually given up on TBT because as long as the FED is controlling the bond market it is really hard to see anything more then short term selloffs in bonds. At some point the fed is going to have to unwind some of those positions and then we are going to have the mother of all selloffs in Government bonds.
Looks like the long term bonds are going down since late November, altho not straight down. Check the 6 month chart. Also read Yahoo article at TBT "It's time to short bonds again" -- The author's prediction is coming true.