Gold miner exchange traded funds were hit with a double whammy on Monday as stocks and precious metals weakened on concerns Europe will slip into recession despite last week’s ECB moves.

Market Vectors Gold Miners (NYSEArca: GDX) and Market Vectors Gold Miners (NYSEArca: GDX) were down more than 4% to start the week. [Europe Woes]

GDX dropped below its 200-day moving average on Monday. GDXJ is designed to follow small-cap miner stocks.

Investors should understand that gold and gold stocks “are entirely different markets that share different performance in a panic or crisis,” said Jordan Roy-Byrne at The Daily Gold, in a recent report. “Gold can be a safety hedge, but gold stocks most certainly are not. They are the worst performers in any type of crisis.” [Miners Fall Harder Than Gold]

Some investors are getting frustrated with how badly miner stocks have trailed gold bullion in recent years. Gold has rallied 162.28% over the past five years versus GDX up 42.07% during the same time period, according to Street One Financial. [ETF Chart of the Day: Miners]

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