Despite today's further selloff in gold, gold stocks are holding up well. GDX is down but not by too much. Most of my juniors are either green or only slightly down. Even the majors are not off as bad as they could be.

This is the kind of thing you typically see at a bottom. Bad news is shrugged off as we've seen with the general equity markets in the last couple of days. A little bouncing around and then the upward moves as buyers start to gain confidence.

Of course, it is likely an interim bottom and perhaps we'll see another big decline later but I'm gaining more confidence that we're going to get a run.