Friday, 14 February 2014

GDX - strong week for the miners

With the main US equity market continuing to climb, along with precious metal prices, the Gold mining stocks closed the week strong. The ETF of GDX closed +1.9% @ $26.35, with net weekly gains of a powerful 10.2%. Outlook is bullish, with upside to the 30/35 zone by late March/early April.

GDX, daily

GDX, monthly


Everything continues to look bullish for the mining stocks - and indeed, the precious metals.

There looks to be at least another month or two of broad upside, and it will be real interesting to see how much strength the miners can display into mid/late March.

Not surprisingly, the mainstream is now starting to wake up to the broader trend change. Across the long weekend, there will doubtless be a huge amount of metal/miner market chatter.

We'll surely see continued strong gains for both the mining sector, and the broader equity market next week.