Quiet Acumulation of Gold Shares Since 2009

Yesterday I discussed Goldcorp's (GG) building trend energy as representative of the setups within the gold mining space. The gold miners index ETF, a composite of many of the high-quality names in the sector, illustrates the depth of this setup within the sector.

The positive divergence of trend energy with price (new highs while price lags) reveals accumulation. In other words, Capital has been quietly accumulating into weakness, likely at the expense of retail money, since 2009. This positive divergence is as pervasive in juniors as it is the majors.

MV Gold Miners Index ETF (GDX):