" This shows the GDX index since mid-June. As we know, gold and silver rallied along with the GDX into mid-July and have largely retraced nearly back to their June 1 starting prices.

BUT,

the mining stocks have been marking time in a sideways pattern. The black line on the graph shows the amount of “stealth” accumulation that is occurring on every down-tick in the mining shares. I have noticed this as I watch the tape every day, but this graph illustrates it. The message: SMART MONEY IS ACCUMULATING MINING SHARES."

source: http://investmentresearchdynamics.com/wp-content/uploads/2014/08/STEALTHshockCNP-2.png

http://investmentresearchdynamics.com/putting-the-current-goldsilver-market-in-proper-perspective/