Tuesday, 7 July 2015

GDX - miners in trouble

With the precious metals breaking lower, the related mining stocks saw significant declines. The ETF of GDX settled -4.8% @ $16.99. With Gold set to break the Nov' 2014 low of $1130... and continue lower to the giant $1000 threshold, GDX looks set for the low teens... if not 12/10 zone.

GDX, daily

GDX, monthly


Little to add.

Despite the broader equity market ramping in the afternoon, the miners were unable, as the precious metals remained very weak.
The mining stocks look set for broad downside into the autumn.... and if the USD can break >DXY 100.... the declines will be increasingly severe.