Chart 1: Gold miners breaking down with BP breadth close to single digits
A complete opposite contrast to the overbought stock market breadth, is the oversold (not yet single digit extremes) Gold Miners breadth while the index breaks down towards 52 week new lows. We are now very close to retesting October 2008 lows as the index has lost almost 70% from its peak in September 2011 (same time Gold traded at $1,921 per ounce).