Take note of the lows on the Gold Miners Bullish Percent Index below. Starting with the Dec '08 low (12) 3 years ago, there have been a total of eight extreme readings where the index fell below 50% before a significant upswing commenced. For four of those instances the index fell to major extremes below 20%, including this week (currrently 13.79). In all eight cases, the lows coicided with the beginning of significant rallies in the POG, resulting in gains of between over $200-$400 per ounce in the subsequent months from bottom to peak.

Will this time be any different? The market will tell soon enough.