With precious metals seeing further weakness across March, the Gold/Silver miners were on the slide. The ETF of GDX settled lower by -1.2% @ $18.24. Across the month, GDX fell a rather extreme -14.3%. Near/mid term outlook is bearish, with viable downside to the 12/10 level by late summer.
Suffice to say.. a second consecutive monthly decline for the miners. There is little reason not to expect further downside across the spring/summer
I hold to a broader downside target of $1000 for Gold, and if that is the case.. then most mining stocks will be lower by between 30/50% within the next 3-6 months.
Further, I am seeking a key mult-year floor in the miners.. and the precious metals by the autumn.