Soros Fund Management invested $27 million in the Market Vectors Gold Miners ETF in the September quarter, according to SEC filings lodged last week. Other hedge fund managers have also identified gold miners as a leveraged counter to the Fed keeping its securities purchases program for longer. The ETF price (see the chart at (VIEW LINK) shown) appears to be making a transition from a downtrend to something stronger. While the price action is a more positive slant on the sector, the precise cause of a possible change in direction remains unclear. Since the miners are more likely to rise in a stronger equity market, a rotation out of the leading equity sectors and into cyclical equities may be the necessary catalyst to effect a change in direction. A positive move in emerging market equity prices would probably have to happen at the same time.