Friday, 7 April 2017

GDX - miners climbing with Gold

With Gold having a moderately positive week, the related miners followed. The sector ETF of GDX settled Friday broadly flat at $23.50, which made for a net weekly gain of 3.0%. Near/mid term outlook is bullish, as the mid term upward trend remains comfortably intact.

GDX, daily

GDX, weekly


*The Syrian situation certainly helped give the metals some degree of 'fear bid', but both Gold and Silver did notably fade into the weekend.

Broadly though, the miners had a rather good week. GDX is still some way below the Feb' high of $25.71, but the trend IS there.

The grander issue remains, can the miners break the summer 2016 high? I am holding to something of an inflationary outlook. Things turn super bullish with Gold $1400, Silver $22s, Copper >$3.00, and GDX >$32.

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