Wednesday, 29 June 2016

GDX - climbing with the metals

With the precious metals back on the rise, the related mining stocks were similarly higher. The ETF of GDX settled higher by a rather significant 2.4% @ $27.25. Capital markets remain highly vulnerable, and Gold/Silver look due for much higher levels... and that will continue to benefit the miners.

GDX, daily

GDX, monthly


Little to add.

Clearly, the weaker USD today helped give the metals/miners an extra kick higher today. Yet, the broader trend is outright bullish anyway.

GDX looks set for the $35/40 zone if Gold $1500s, which really isn't that bold a target given a few months.