Wednesday, 13 May 2015

GDX - miners rising with the metals

With precious metals closing net higher for the second consecutive day, the mining stocks were similarly on the rise. The ETF of GDX settled higher by a significant 2.4% @ $20.78. Near term outlook is mixed, as the broader trend in the metals remains weak.

GDX, daily

GDX, monthly


Despite the current gains, the miners - along with the precious metals, remain relatively close to the lows from last November.

*under no fair outlook can I see Gold having put in a key multi-year floor @ $1130. My target remains the $1000 threshold, and if that is eventually hit, then the miners will be at least somewhat lower than current levels.

For the moment, I remain content to watch the miners, and have no interest in going long until late summer/early autumn.