Tuesday, 17 November 2015

GDX - miners implode as Gold breaks new lows

With Gold breaking a new multi-year low of $1064, the related mining stocks were naturally back in implosion mode. The ETF of GDX settled -4.9% @ $13.07. The 11/10s look viable before year end, not least if Gold tests the $1000 psy' level.

GDX, daily

GDX, monthly


Little to add from the many dozens of GDX/Gold posts across the last few years.

Miners will continue to follow the prices of the precious metals.. even if the broader equity market climbs.

If Gold $1000, GDX in the mid/low 12s.

Eventually. Gold 900/875 looks highly probable.. and that will likely equate to GDX 8s.. maybe even the 5s.. before a key multi-year low has been achieved.