GDX - miners whacked, as metals fall

With Gold and Silver prices snapping sharply lower, the mining stocks saw very significant declines. The ETF of GDX settled -2.0% @ $24.02. The big 20 threshold is in danger of bring taken out this summer, not least if the metals break the 2013 lows.


GDX, daily

GDX, monthly

Summary

*like the precious metals themselves, GDX closed with a daily reversal candle. However, today's decline is unlikely to be a sporadic down day.
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With Copper under $3, Gold -$23,  and Silver -1.7%, the miners opened sharply lower, and remained weak across the day.

With metals appearing to be merely at day'1 of a new down cycle, there is very high risk of a few weeks of weakness, with GDX at serious risk of losing the 20s in late April/May.