The gold bugs have been decimated over this past month, with the Gold Miners Bullish Percent Index having reached 3 year lows this week, currently hovering just above 10%. The weekly version of the chart below shows it well visually. The only time it has been lower was at the peak of the financial crisis in fall 2008 when it actually touched zero briefly. So that leaves some potential downside, but certainly not much. Worth noting that such extremes in this particular chart have consistantly occurred in close proximity to the end of corrections during Gold's bull run over the last 10 years...