I like Hubart's analysis - short, sweet, and right to the point.

For what it's worth, here's my 2 cents (according to the Canadian government, 2 cents has no value, lol). Today is a critical day in the PM space, methinks. After slicing through support at the March lows, GDX has bounced right back to that level - now resistance. I re-established my hedges by shorting GDX this morning, but if GDX makes a new high for the day, I'll buy it back and let my long positions ride.

I suspect that gold stocks will top out today and have their final capitulation plunge next week - if that happens, I expect a nice long rally afterwards. Whatever way it happens, it should be interesting.