GDX - the down trend of destruction continues

Whilst the broader equity market saw minor chop, there was again notable weakness in the precious metals, and that naturally had a negative effect on the miners. The miner ETF of GDX slipped -1.9% @ $24.10. Near term outlook is bearish.


GDX, daily

Summary

Suffice to say, it was just another lousy day for the precious metals, and as usual, the mining stocks were naturally badly hit.

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*my broader outlook is for Gold $1000/900s.. and if that is the case, then miners are going to lose another 25/30% on average. GDX will probably fall into the mid/low teens by mid 2015.