$SPTGD
The gold price fixing this week on options expiry had a much greater and more important effect on senior producers, which have an array of options to choose from on the futures market. Not only would have options holders in the bullion been disappointed, but more so those entrants into mining shares.
Should the the large cap producers have begun to break with a major crossover of moving averages, this would have reflected well in the gold price, as the miners move before the bullion price does.
But miners also pose a major risk to equity swap holders, and that there's been a frenzy of naked shorting in the junior shares. This buys some time going into December, but a gold price rally will sweep away encumbrances for the miners, as buyers for the miners step in.

http://scharts.co/U8GI4T
A discussion of the matter on the gold price can be found here:
http://ftalphaville.ft.com/2012/11/29/1289683/some-cliffs-are-golden/
-F6