If we look back at the previous summers, we can see that gold and gold miners haven't done well. Although I am bullish for gold in the long term, this summer we should watch the banks start to place doubt in our heads once again.
The main reason would be looking at the dollar. The dollar just finished a major yearly cycle low and looks prepped to make it towards the $120 high sometime in the next few years. Many may question this thinking.
How can Gold be bullish long term with rising rates and a strengthening dollar?
Look at 2002-2007! We saw massive asset inflation in Oil, Stock Market, Real Estate and Gold. With rising rates, we will see a couple things happen.
-Banks will increase lending
-Dollars will be bought
We still don't know if the economy will take off but we do know that asset inflation is here now and will push nominal prices higher, much higher!
All in all, on a pure technical and sentiment standpoint, being bearish on miners will payoff. I personally will take those profits and buy more gold and miners. 2018 will see an even bigger gain in Gold ($1500).