Thursday, 19 December 2013

GDX - about to lose the $20s

With Gold and Silver commodity prices still on the slide, the mining stocks remain extremely weak. The miner ETF of GDX slipped another -2.0%, settling @ $20.45. GDX looks set to lose the 20s, the only issue now is whether the 2008 low of the $15s will be tested.

GDX, daily

GDX, monthly


The precious metals are about to take out the June lows..and GDX is about to lose the $20s. For the gold/silver bugs out there - who are typically loaded up with mining stocks in their 401ks..this remains the worse possible end to 2013.

There is simply no sign of the current multi-month wave ending, and GDX itself looks set to lose the early as tomorrow.