Yes, that is a good summary. I would agree for the most part.
Gold is down again today and GDX up a tad last I checked. The pump job is banking that gold goes up. It really really needs to now with the insane valuations that miners have. If gold doesn't go over 1300 bucks AND HOLD like the pumpers say then the GDX won't just correct, it will correct hard down to at least $17 and possibly lower.
Right now miners are in a dream world. Gold had better actually go up. Not the promise that it does but actually start moving up or the miner dream world with their ridiculously high valuations will turn into a nightmare.
Also much of this is what I was posting about last night. Shorts were heavily into miners and they got squeezed. I think most of the squeezing is done but it played a big roll into how GDX got to where it is. Now it is mostly pump job. Technical bounce, then crappy market, then gold went up, then short squeezing and now pump job. That is the order of events of how miners have been running for 3 months.
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