From Jeff Clark, Editor, Stansberry Short Report: 

It’s time for a pause in the gold-stock rally.

The Market Vectors Gold Miners Fund (GDX) is up 77% since bottoming in January. It has been a straight move higher – practically vertical.

And by the end of the year, gold stocks are likely to be even higher than where they are today.

But in the short term, we may have a problem. You see, one of my favorite gold-stock timing indicators just triggered a sell signal…

Take a look at this chart of the Gold Miners Bullish Percent Index (or “BPGDM”)…

A bullish percent index is a gauge of overbought and oversold conditions. It measures the percentage of stocks in a sector that are trading in a bullish technical formation. Since it’s measured as a percentage, a bullish percent index can only reach as high as 100 or fall as low…