GDX - the destruction continues

Whilst the metals were broadly flat, with the US markets in a somewhat bad mood, the mining stocks were dragged lower. The ETF of GDX slipped by another -2.2% @ $22.16. The 2013 low in the $20s is set to be lost, outlook is for considerable downside into 2015.


GDX, daily

Summary

Suffice to say, the mining stocks continue to suffer.. whether as a result of a rising USD, falling metal prices, or in todays case, merely via the weaker broader equity market.

There is ZERO reason why GDX won't break below last years low.

An eventual multi-year floor in the mid/low teens now looks very likely.