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The Gold miners, as a group, have quietly lead the Gold price higher since the early February bottom (which I believe will be THE bottom for this correction). This is constructive action. Anything can change and there are no guarantees, but this is what would be expected with a fledgling uptrend.
Here is a 60 minute intraday chart of the GDXJ junior Gold mining ETF divided by the GLD Gold ETF price (i.e. GDXJ:GLD) over the past 3 months:
![](http://2.bp.blogspot.com/_wmz32xeNKtU/S6l4dzWzaqI/AAAAAAAAB7g/aGMeTMd-po4/s400/GDXJ+to+GLD+ratio+3+month+60+minute+intraday+chart+thru+3-23-10.png)
And here's the 2008 fall panic lows and recovery in its early stages for the $HUI:GLD ratio (I used the 1st 6.5 weeks after the bottom to show how it looked in real time):
![](http://2.bp.blogspot.com/_wmz32xeNKtU/S6l6IH1eVQI/AAAAAAAAB7o/e_-CWn6towo/s400/HUI+to+GLD+ratio+-+2-3+month+60+min+intraday+chart+of+2008+fall+bottom.png)
It is also interesting to note that GDXJ is outperforming GDX since the February bottom. The Gold and Gold stock rally has to begin somewhere and I call "GREEN SHOOT!"...
I remain wildly bullish on all things precious and metal.