Relative to the very powerful Friday gains, the gold/silver mining stocks held up very well today. The ETF of GDX was moderately lower for much of the day, but settled net higher by 0.4% @ $24.32. Broadly, new multi-month highs look due. That bullish outlook only gets negated on a monthly close under $19.
*I didn't cover the miners on Friday, and I thought I should at least highlight them today, even though the actual Monday change wasn't anything particularly noteworthy.
Suffice to add, the miners remain hugely above their Jan' low, with GDX having climbed from $12.40 to $26.17. Even recent cooling to the $22/21s, has done very little to negate the massive bullish breakout achieved.
If US equities break >sp'2134, that would bode against the precious metals.. and by default.. the related mining stocks.
It is highly arguable that those seeking much higher levels in the mining stocks in the latter half of this year, should be seeking renewed weakness in the broader equity market.
There is also the secondary issue of the USD. A weaker USD almost always gives the metals/miners an extra kick upward - as we saw last Friday. However, its not always necessary, and its very possible we could see global capital market upset... with a 'flight to safety' to the USD, but with an increased 'fear bid' in Gold/Silver.
How those variables will balance out is very difficult to say, but on any basis, having declined from the $1900s, Gold remains relatively low.