Tuesday, 2 August 2016

GDX - breaking new highs

With precious metals seeing broad gains, the related mining stocks were similarly on the rise. The ETF of GDX settled +1.3% at $31.33, the best level since April 2013. The $35/40 zone looks an easy target if Gold $1400s.

GDX, daily

GDX, monthly


*the miners are currently net higher for the 8th month of the past 9, the most bullish run since 2010.

Suffice to add, it was a rather bullish day for the precious metals (Gold +$10, Silver +0.9%), which naturally helped attract further buying interest into the related mining stocks.

Today was another reminder than the gold/silver miners are trading inverse to the broader market.