From Michael Campbell:

"Gold and Silver Stocks

What’s interest to note is that in some cases precious metals stocks are as low as they were in the depths of the credit crisis in December, 2008 when gold was trading under $800 and silver was under $10. I’m wondering why if someone wants to sell they would wait until the New Year instead of locking in the loss for this tax year. In other word, all the short-term selling pressure may be out of the market this week setting the stage for rebounds in quality gold stocks in the New Year, which coincides with the positive seasonality for both the metals and the market in general.

This does not mean that I think gold bullion has bottomed. We have not had that technical sign yet and in the meantime it conitnues to trade in a range between $1183 and $1275. I still am influenced by David Bensimon's work that prefers a low for bullion in early February. All i am saying is that the probability is rising for a quick bottom in quality precious metal producers for a short term bounce of significance."

He says most analysts still prefer silver and silver stocks over gold.