Tuesday, 7 April 2015

GDX - rolling lower again

Despite some notable gains in precious metals across the last few weeks, the precious metal miners remain under the 2013 floor. The miner ETF of GDX settled -2.5% @ $19.21. The Nov' low of $16.34 looks likely to be taken out in the months ahead.. as Gold eventually breaks lower to the giant $1000 threshold.

GDX, daily

GDX, weekly


Little to add.

Despite all the hysteria amongst the Gold bugs, the precious metals remain relatively close to multi-year lows - not least as King Dollar remains King in paper land.

Best guess... miners to floor in late summer... with Gold flooring around the $1000 threshold... if not 900/875. In any case.. the bulk of the declines (from 2011) are complete.