Gold miners have entered a rare technical stress point after the Gold Miners Bullish Percent Index dropped to zero, a reading that signals bullish Point & Figure patterns have disappeared across the measured miner basket rather than merely weakened at the ETF level.
In a StockCharts image posted by Oliver Groß, $BPGDM showed at Last 0.00, with an intraday Low of 0.00, after opening at 34.62 on June 9, 2026. The same chart showed a -34.62 move, equal to -100.00%, making the drop a full wipeout of the index’s prior reading.
A Bullish Percent Index tracks the percentage of stocks in a group that remain on Point & Figure buy signals. A zero reading means the indicator is no longer describing routine weakness. It shows that the internal technical base of the gold-mining group has been cleared out, at least by this measure.
StockQ listed the Gold Miners Bullish Index at 7.69 on June 5, after a decline from 30.77 in early June, showing that miner breadth had already been deteriorating before the chart showed the index reaching zero.
Reuters reported that spot gold fell 1.5% to $4,264.70 and US gold futures down 1.8% to $4,286.40 on Tuesday, its lowest level in more than two months, as rising Treasury-yield pressure and renewed fears of a US rate hike pushed investors toward the dollar and away from non-yielding assets. A separate Reuters poll found most economists now expect the Federal Reserve to hold rates at 3.50% to 3.75% through the rest of 2026, with rate-cut calls fading as war-driven inflation remains sticky.
The miners got hit harder because they are basically gold with operating leverage and equity-market baggage attached. GDX fell 1.36% to $77.59, while junior-miner ETF GDXJ fell 2.03% to $99.54, showing heavier pressure on the more speculative end of the sector.
The actual drivers were a stack of negatives: gold breaking lower, rate-hike fears after strong US jobs data, inflation uncertainty before CPI/PPI, broader market risk-off pressure, and fading safe-haven support as parts of the Middle East risk premium eased.
The ETF tape is moving in the same direction. VanEck Gold Miners ETF recently traded at $77.59, down 1.36%, while VanEck Junior Gold Miners ETF traded at $99.54, down 2.03%.
The junior-miner decline is especially important because smaller miners often carry more sensitivity to financing conditions, exploration risk, and equity-market liquidity. GDXJ’s steeper move suggests investors are not only reducing exposure to gold-linked equities, but moving away from the higher-beta end of the mining trade.
The zero reading does not, by itself, prove that the selloff is over. StockCharts’ framework treats Bullish Percent Index readings below 30% as oversold territory, but oversold conditions can persist when buyers have not yet returned to the group.
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