Wednesday saw the largest single day outflows in the history of the GDX (-$661.5 million):
As can also be seen by the above chart the GDX has seen heavy outflows throughout the month of May causing the largest gold miner exchange-traded fund to liquidate ~15.5% of its positions since May 1st.
However, even more interesting is the fact that GDX has significantly outperformed gold month-to-date:
GDX is up 4.7% since May 1 while GLD is flat over the same time frame.
Despite Wednesday's huge outflows the GDX rallied strongly into the positive after hitting a session low at $22.20 early in the session ($22.20 now becomes an important downside reference point), ending +1.46% on the session. With May coming to a close next week (one of the weakest months of the year for GDX historically), one has to wonder if the gold miners have already weathered the brunt of the storm. Sunnier days may be just over the horizon.
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