Quality Gold explorers are down on average 49% since the start of 2011. Nothing wrong with GRY its just sentiment to Gold stocks & explorers.
If you read the 2 excellent Zeal essays below they explain how undersold Gold stocks are at the moment -
http://www.zealllc.com/2012/jnrexpld.htm
http://www.zealllc.com/2012/hgrpanic.htm