Wednesday, 15 July 2015

GDX - new multi-year lows

With precious metals on the slide - pressured by a stronger USD, the miners saw significant weakness. The ETF of GDX settled -2.3% @ $16.31, closing under the Nov' 2014 low. With Gold set for the $1000 threshold, GDX looks vulnerable to further downside to the $12/10 zone.

GDX, daily

GDX, monthly


It remains the case that if the precious metals continue to slide, the related mining stocks will similarly fall, regardless of however strong the broader market might be.

I am holding to original targets of Gold $1000, with Silver 12/10. If correct, it bodes for GDX in the low teens.. perhaps as low as $12/10.