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The HUI being up 7% was just the average. Some of the more leveraged plays rose by much more.
Harmony gold jumped 13%.
It has recently reported one of the highest all in cash costs;
“South Africa’s Harmony Gold Mining Co. said its average so-called all- in cost of production in the six months ended Dec. 31 was about $1,446 an ounce.”
Alacer gold which has been one of our worst performing producers jumped 17% in Canada last night.
The best performer (of companies that are components of the XAU, HUI, GOX, JSE Gold, and TSX Gold indexes), Goldquest was up 22%.

A follow through next week after these big gains may be the signal we have been waiting for.
By the time its obvious some of these might rebound 50% or more. The problem with waiting for that time before buying is you might get caught in heavy profit taking after a rapid 50% gain. Not much better than trying to catch the falling knife after this extreme a sell off.
A bottom is likely to be very volatile so will not be easy to avoid short term losses whether buying now or waiting.
Might be an exciting week next week.