Tuesday, 10 May 2016

GDX - miners rebounding

With the broader equity market broadly higher, and precious metals managing moderate gains, the gold/silver miners were back on the rise, with the ETF of GDX settling +3.6% @ $24.37.  Broadly, Gold looks set to break above the $1300, and that will likely equate to GDX 28/30.

GDX, daily

GDX, monthly


Suffice to add... we're seeing a great many short term significant swings... but broadly, the breakout from January is comfortably holding.

Even a retrace to the $22/20 zone would do nothing to damage the massive bullish breakout.

If Gold $1400/1500s this summer, GDX 35/40... and frankly, that doesn't seem an overly bold target. What is pretty amazing is that the miners have - as a collective, doubled in value since the start of the year... and there is a lot of 2016 left to go!