Believe Dan's comments today from JSMineset may mark reversal day for our short friends:

"It looks like those hedge fund ratio trades finally blew up in the face of the hedgies – as I write this the HUI is up nearly 6% on the day versus a gain of 1.5% for Comex gold. That tells us all we need to know about that trade which has now gone south. It looks as if they overstayed their welcome. There appeared to be some unwinding of those yesterday but today there is a wholesale lifting of the positions. We will continue to monitor this to see if further unwinding is in store. If so, look for the gold shares to outperform bullion on a percentage basis until those trades are lifted and the hedge funds take their losses on the short leg. I would not be surprised to see them take the long side of a new ratio trade where they get long the miners and short the broader equities if the problems with Euroland persist. If that trade were to come into vogue, the HUI will easily surpass its all time highs above 500. Let’s see how this progresses."