Thursday, 31 July 2014

GDX - miners having continued problems

With the main market significantly lower, and precious metals also especially weak, the miners had a rough end to the month. The ETF of GDX settled -2.4% @ $25.84. Near term outlook is bearish, not least if metal prices continue to slide.

GDX, daily

GDX, monthly


*it is notable that GDX saw monthly declines of -2.3%.

So... the miners are facing not only a weak broad equity market (at least for the past 5 trading days), but metals are also looking highly vulnerable (see Gold/Silver page).

I remain resigned to Gold eventually falling to test the giant $1000 threshold. If that is the case, then the miners have a long way to fall from here.