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When we look back on 2014, one thing is clear, it wasn't a good year to "Buy & Hold" the Gold Bugs Index (HUI). The chart below reflects that that HUI has under performed the S&P 500 by 32% YTD.

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The multi-year decline has taken the Gold Bugs index down to the bottom of its falling channel where it touched this line last month. As it was touching the bottom of the falling channel, it also hit a key price line that was important resistance in 2002 & 2003 and was support at the financial crisis lows in 2009.

Joe Friday...Gold bugs index could be creating a double bottom near a key price zone.