Yes, most of them are junk.

They are there to pick investor's pocket. Managements never intent to make money. Only a few large ones and upper medium ones are good. However, I start to notice that even the ones which have been making money start to have losses like Yamana. The price of gold and cost are killing them. The ones in South Africa have cost ranging from $1600-2100. They are bleeding to death. I bought quite a bit last year but I am trying to convert them to gold/Silver ETF. Stocks did go up better than gold itself this year.