The broader trend for Gold and Silver remains starkly bearish. With further significant declines today, the Gold mining ETF of GDX naturally saw major falls, closing -3.5% @ $22.87. If Gold falls to $1050/950 in the coming months, GDX will likely be another 30% lower, in the mid teens.
It has been my broad assertion for over a year that the metals are going to slide.
Targets: Gold 1050/950..with Silver 12/10.
If that is the case, it is arguably a given that the mining stocks will continue to fall - regardless of the main market, which itself I believe will broadly rally into late spring 2014.
For GDX, a further 25/35% of downside looks very viable across the next few months..certainly by summer 2014..when Gold might have floored in the 1050/950 zone.
The bigger monthly cycle is absolutely clear...primary trend is severely bearish into year end..and probably the early spring.
The only issue is whether GDX can take out the 2008 collapse wave low of $15.48