Last few sessions have been relatively better as there has been some recovery. Goldcorp is up around 11% from its recent lows. Those lows will be crucial, and it is important that they hold if tested. Prior to the recent bout of selling, the stocks had become stable and quiet, and were expected to be range bound. In any case, the declines over the past few quarters, especially the last one month have be tremendous. The stocks are trading way below the book values and many development stage assets like Pershing Gold (PGLC) are trading much below potential. There have been some voices from big investors who are indicating that the bottom may be near. Jim Rogers had stated in May that he would be a buyer in gold if it falls to $1300, and buy more if it falls to $1200. Other big investors have also indicated that the long term prospects of gold remain positive as the ultimate devaluation of currencies may help gold in making a comeback soon. Marc Faber expects a strong rebound in gold mining stocks if the gold prices rebound. No one can be totally sure about this, but opinions of these legendary investors cannot be ignored. The fact that the gold price is below the mining cost for several mines also indicates that the situation is not great. Mining deeper, and for lower grades, when the price of gold was at its peak, increased mining costs over the last few quarters. However, this also indicates that the supply demand dynamics may start to come in play soon, and there could be some support now. When sentiments are weak, people expect more extreme outcomes. One cannot ignore that gold has gone through a major correction already, and the possibility of a rebound and stability is increasing. If the prices stabilize, there may be time for careful stock picking.