Gold miner ETFs saw a big turnaround Wednesday on heavy volume, raising hopes the long-suffering sector has finally hit bottom.

Market Vectors Gold Miners (NYSEArca: GDX) rallied 3.1% in afternoon trade while its small-cap counterpart Market Vectors Junior Gold Miners (NYSEArca: GDXJ) vaulted 3.4%.

GDX has been in a downward spiral since the beginning of March after hitting resistance at the 200-day simple moving average.

The miner ETF was down 24% for the three months ended May 8, according to Morningstar. It recently dropped to a one-year low. [Gold Miner ETF Falls to New 52-Week Low]

ETFs tracking precious metals and miner stocks have sold off recently while the U.S. dollar has moved higher on the latest Eurozone debt scare. [Gold, Miner ETFs Fall in Risk-Off Trade]

Market Vectors Gold Miners

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