Gold has actually been bullish since approx Nov 6th. Look at the chart since then; hihger lows, higher highs, even thru a volatile and increasing DXY. It may not have been reflected in the short term and day to day trading of JNUG/JDST, but the value has changed. There will come a day when the mining companies will reflect that. I suspect they are at lows and this is one reason for the JNUG split. They want to promote investing as opposed to day trading by making the upside less. Think about the profit potential and absurd day trading that would occur at this current pps once the masses believe in this sustained bull rally.
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