Tuesday, 29 March 2016

GDX - miners catch a bid as metals jump

With Yellen touting a number of conflicting messages, the metals still managed to jump higher, with the related mining stocks similarly on the rise. The ETF of GDX settled higher by a rather powerful 5.8% @ $20.54. Near term outlook is a little uncertain, but metals/miners look set to broadly climb into the summer.


GDX, monthly


Suffice to add, the miners are naturally following the lead of the precious metals.

Gold looks set (at minimum) for the $1300 threshold in the next move higher.. and that will likely take GDX to the $23/24s.

Things only get interesting on a Gold monthly close >$1400.