Friday, 3 February 2017

GDX - miners climb for a seventh week

With the precious metals seeing rather sig' net weekly gains, the related miners were similarly on the rise. The ETF of GDX climbed for a seventh consecutive week - the best run since March 2016, settling net higher by 5.5% @ $24.50. Mid term outlook is bullish to $50.

GDX, weekly

GDX, monthly


Suffice to add... the miners really are showing some mid term strength.

We have a core multi-year low in Jan'2016.. and then a higher low in Dec'2016. The Jan' net monthly gain was very important, and unless the Dec' low is broken back under... mid term outlook is very bullish indeed.

I recognise $50 is a long way up, but it does look due. The only issue is whether that is late 2017.. or spring 2018.