Gold miners have been hit hard because of an anticipated drop in gold prices due to bad technicals, lack of quantitative easing, a slowing economy in China and overall bearish analysts. In order to best describe this, let’s take a look at the chart of GDX (Market Vectors Gold Miners). As we can see below, GDX has now been bouncing off of 2 year lows. The overall P/E of all the gold miners is at historic lows. A lot of this has to do with the price of gold. When gold was around $200/oz, the gold producers were lavishing their shareholders with large dividends and their earnings were improving quarter after quarter. Now that gold prices have come off their highs, the gold miners share prices have been suffering as well.

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