Thursday, 30 June 2016

GDX - powerful monthly gains for the miners

With the precious metals soaring across June, the related mining stocks saw similar gains. The ETF of GDX gained a very powerful 22.5% to settle @ $27.67, the best monthly close since April 2013. Mid term outlook remains very bullish... so long as equities don't breakout >sp'2134.

GDX, monthly

GDX, daily


So, with Thursday gains of 1.9%, the miners ended the month at multi-year highs.

Considering Gold is still only in the mid/low $1300s, GDX has already excelled beyond any almost Gold bugs dreams.

If Gold $1500... GDX to the $35/40 zone.

As ever, a stronger USD would be a downward pressure, that is one key variable, but it certainly is not the only one.