With the precious metals cooling into the yearly close, the related mining stocks were unable to hold early significant gains. The ETF of GDX swung from an opening high of $22.24, settling -4.1% @ $20.86. For December, GDX gained a minor 0.4%. Across the year, GDX gained an extremely powerful 52.5%.
First, I'd suggest you also go check my year end update for Gold and Silver... which should appear by late Friday night.
In early trading GDX seemed set for a year end close above the 50dma...but failed. Its not a great sign, and with gold/silver still within mid term downward trends, the short/mid term outlook for the miners remains bearish.
That only provisionally changes with GDX in the $23s.
For full bullish clarity, I want to see a monthly close in the $25s.
Its notable that GDX saw a Jan'2016 low of $12.36, hyper-ramping to a peak in Aug' at $31.70, and then cooling by around a third, to settle the year net higher by 52.5%. On any basis... a bullish year, but as noted, there is clearly still a threat of further downside, as Gold and Silver both remain mid term bearish.