Here are some fundamentals and news for top GDX holdings... Check it out yourself. Lots and lots of positive earnings surprises going on... https://finance.yahoo.com/quotes/ABX.TO,NEM,GG.TO,FNV.TO,NCMGF.AX,AEM.TO,GOLD.L,AU.JO,SLW.TO,KGC.TO/view/fv Now factor in the run that gold is seeing... and how that increase in price affects these earnings long term. Now look at the weekly chart of GDX and see how these holdings have been pummeled since late 2011. This 4 month run is just the tip of the iceberg IMO.