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Chart of the day is...

...GLD vs GDX vs GDXJ vs SLV, 2015 year to date:

What grabs me about this chart, aside from the way the January bounce has faded and gold (GLD) is almost back to level zero on the year, is the way the majors are out-doing the juniors. You'd normally expect that the other way around, but the strong YTD performances in things such as NEM, AEm and even (whisper it softly) ABX are turning things upside down.

And that has to be about cost reductions in operations.