Tuesday, 30 June 2015

GDX - rough month for the miners

Despite Gold only seeing a net monthly decline of $18 @ $1172, the mining stocks were having serious problems. The ETF of GDX settled June net lower by a very significant -9.3% @ $17.76. The Nov' 2014 low of $16.34 is set to be broken, as Gold looks due to renew falling toward the giant $1000 threshold.

GDX, monthly

GDX, daily


Suffice to add... holding to original targets...

Weakness in the precious metals.. with Gold $1000, Silver 12/10.. and that will massively impact the related mining stocks.

Further, if the USD resumes higher.. with a hyper-ramp to the DXY 120s into 2016.. that will put massive downward pressure on commodities... and again.. that is bearish miners.