Thursday, 7 July 2016

GDX - relatively minor cooling

Whilst US equities closed moderately mixed, there was notable weakness in the gold/silver miners. The ETF of GDX settled -3.1% @ $29.62. Despite a sig' net daily decline, the mid term outlook remains powerfully bullish.

GDX, daily


Suffice to add, it was not surprising to see the gold/silver miners cool, as the precious metals were significantly lower in early trading, as US capital market confidence saw a morning spike.

Broadly, the precious metals look to set to resume powerfully higher. Gold in the $1450/1550 zone looks a realistic target within 1-3 months, and would likely equate to GDX $35/40.