GDX - strong weekly gains

Whilst the main equity market saw minor weakness, the mining stocks (along with the precious metals themselves) built gains across the week. The ETF of GDX closed Friday with further important gains of 0.3%, settling @ $24.11


GDX, daily

GDX, monthly

Summary

Clearly, the near term trend is to the upside - as especially reflected in Gold and Silver commodity prices.

However, I'm still highly suspicious that the metals have not yet put in a key multi-year floor. If you assume that metal prices are still set for lower levels, then you have to also look for lower levels in the miners.

Regardless of the broader market, if metal prices see a further multi-month wave lower - breaking the 2013 lows, then the mining stocks have not yet put in a key floor.
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*for now, I have no positions in any mining stocks. I'd consider LONG Silver (via SLV).. perhaps...but I'd like to see another net weekly gain for Silver (and Gold)...after next weeks FOMC.