With the precious metals of Gold and Silver seeing rather severe net monthly declines, the related mining stocks were naturally dragged massively lower. The ETF of GDX settled the day -1.9% @ $20.83, which made for a net monthly decline of -15.1%. Near/mid term outlook remains outright bearish.
Its pretty straight forward...
Higher USD - as interest rate expectations are really starting to ramp.
The higher USD is putting natural downward pressure on the precious metals.
With economic/market sentiment at the best levels since 2007, the precious metals are losing more of their inherent 'fear bid'.
With the precious metals lower, the Gold/Silver miners have duly repriced to the downside. The only issue now is whether GDX puts in a higher low, or breaks below the Jan'2016 low of $12.40.
The one indirectly bullish aspect for Gold/Silver is Copper
Copper, with Gold/Silver, monthly, 20yr.
Its difficult to see Copper continue to climb across much of 2017, without Gold/Silver not eventually catching up.