It was just a few weeks that gold miners exchange traded funds, including the group’s behemoths, the Market Vectors Gold Miners ETF (NYSEArca: GDX) and the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ), capped their best three-week runs since coming to market.

In the case of GDX, such a run is undoubtedly impressive considering the ETF debuted nearly nine years ago. And for a good part of this year, the top 10 non-leveraged ETFs list include five gold miners funds. With recent weakness for GDX, GDXJ and rival ETFs, just two gold miners ETFs remain on the top 10 list.

A combination of falling gold prices and discouraging technical have stymied gold miners ETFs in recent weeks. Over the past month, GDX and GDXJ have fallen an average of 10.3% as theSPDR Gold Shares (NYSEArca: GLD). Investors are again leaving gold as risk appetite increases. Financial markets believing that Greece will remain a member of the Eurozone and that the Federal Reserve will soon raise interest rates are factors contributing to the pressure on gold futures. [Gold ETFs try to Regain Momentum]

GDX’s technical situation is concerning as well. Since hitting long-term resistance, the ETF “is down around 9%. Bulls make money, Bears make money and Pigs turn into ball park franks. From a long-term perspective, Gold, GDX and Silver remain inside of falling channels and each hit resistance (Red Arrows) and has backed off since,” according to Chris Kimble of Kimble Charting Solutions.

Compounding the issues for gold miners and the aforementioned ETFs is news that at least one big-name investor is trimming exposure to miners. On Tuesday it was reported that George Soros’s Soros Fund Management LLC eliminated its stake in GDXJ, pared its position in GDX and sold all of its holdings in Barrick Gold (NYSE: ABX), GDX’s second-largest holding. [Soros Trims Stakes in Miners ETFS]

If ETF flows are to be believed, and it should be noted that when it comes to miners ETFs, doing the opposite of what the flows has proven rewarding, then some traders are getting aggressive in their bullish bets on gold miners.

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