Monday, 2 December 2013

GDX - Miners keep on digging deeper

Whilst the main indexes saw minor chop, the real action today was in precious metals and the miners. With metal prices significantly lower, it was no surprise to see the miner ETF of GDX fully negate the Friday bounce, closing -6.3% @ $20.88.

GDX, daily

GDX, monthly


Near term looks weak for the mining stocks - as it does for Gold/Silver prices.

Mid-term could be offering a significant low, but the mid-teens for GDX remain a very viable target sometime in 2014.