Wednesday, 26 August 2015

GDX - continuing to slide

With the precious metals lower for the third consecutive day, the related mining stocks were naturally weak. The ETF of GDX settled lower by a very significant -4.0% @ $13.12 (intra low 12.96). Near term outlook is for continued weakness in the metals.. the miners are set to break new multi-year lows.

GDX, daily

GDX, monthly


Little to add.

Despite some of the usual gold bugs touting more upside - Sinclair was again touting $50,000 Gold, the broader trend in the metals remains weak.

Again, its notable that despite the broader equity market seeing significant gains, the mining stocks remain almost entirely dependent upon how the metals trade.