Miners also extracted about 559,000 ounces of gold over the third quarter, up 2%, compared to the previous three months.
GDX includes a 2.7% position in Gold Fields Ltd. Holland calculates that the company has a break-even price of about $1,909 per ounce including debt repayments.
Among chart watchers, some technicians, though, are betting on a turnaround in gold miners stocks after the sector touched new lows earlier this month, providing a cheap valuation play. [A Bold, Gutsy Call on Gold Miners ETFs]
Market Vectors Gold Miners ETF
For more information on gold producers, visit our gold miners category.