I think gold and $hui bears have some merit. Look at this chart of $hui. Since 2000 bottom, the weekly 10, 40 and 80 sma has never crossed down as now, i.e. 10 < 40 < 80 sma.
stockcharts.com[h,a]waclyyay[d19990402,20050402][pb10!b40!b80!f][vc60][iut!Ub14!Uya7,14,28!La12,26,9!Lp14,3,3!Lk14!Lf!Lg!Ll14]&pref=G
Be very careful here !!!
Of course, $gold itself behaves better. But normally gold stocks are leading gold.
stockcharts.com[h,a]waclyyay[d19990402,20050402][pb10!b40!b80!f][vc60][iut!Ub14!Uya7,14,28!La12,26,9!Lp14,3,3!Lk14!Lf!Lg!Ll14]&pref=G |