Analysis of the underperformance of the GDX, GDXJ and GLDX. Conclusion:
"With juniors solely relying on selling their shares to fund operations, this carnage simply can't last for too long or they'll go extinct. And if the juniors go extinct, then the gold market is in big trouble. Accordingly I expect the underperformance-to-outperformance swing that juniors have been party to in the past to spawn a massive explosion."
http://www.gold-eagle.com/gold_digest_12/wright033012.html