GDX - another terrible month for the miners

With Gold losing the 2013 low of $1179, the miners continued to fall into the weekend. The ETF of GDX settled -5.4% @ $17.21. Across the month, GDX declined by an extreme -19.4%. Near term target offers 15/14s... back to the lows from the crash wave of 2008.


GDX, daily

GDX, monthly

Summary

It should come as no surprise, that despite a huge 12 day ramp in the broader equity market, the miners are effectively in crash mode.

The reason is of course due to the resumption of falling prices for the precious metals. With Gold taking out the 2013 low... there is no support until the giant $1000 threshold.

GDX looks set for the 15/14s within weeks... perhaps days.. if Gold crashes by $75/125 next week.
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Until the metals put in a key floor - which seems unlikely until at least Gold $1000/900, then the miners are going to remain under severe pressure.