But this horrendous performance leading to calls for deep new lows is masking an ongoing bottoming. Back in mid-July, gold was blasted by an extreme gold-futures shorting attack explicitly executed to manipulate gold prices lower by running long-side stop losses. In the aftermath of that, the HUI dropped to 104.9 in early August. That would prove major new support near 105 that held strong until this week....................... Despite the vast bearishness arrayed against them, gold stocks held their ground for 5.5 long months. Despite gold slumping to 7 new secular lows in November and December, the HUI didn't fall materially under 105. Despite the Fed's first rate hike in 9.5 years in mid-December that was universally expected to obliterate gold, that support held. And that continued into 2016 despite plunging global stock markets.http://www.321gold.com/editorials/hamilton/hamilton012216.html