I already bought an initial position indicated on the chart. Plan to buy more on the breakout. Pays a 4.5% dividend.
The more I glance at this sector the more I believe we are headed for further downside. Every chart shows some sort of bearish flag. Yesterday I sold off my trading positions in GDXJ, and GLDX as I want to wait this out a bit. It didn't help that the SP500 broke down from support yesterday, so for now its best to be cautious. It is completely possible that the GDXJ is setting up a retest of the December lows.
It is possible that the GDX is setting up a bear flag to where we could see more downside. Watching things develop closely here.