GDX, daily
GDX, monthly
Summary
...I can pretty much guess some of the comments and post titles that will be all over the Gold/silver bug community sites this evening....
Miners soar... key floor IS in
Fed wants weak dollar... new mega uptrend begins!
Yellen will cause new historic highs in the Gold/Silver market.
--
Yet.. we've been seeing floor callers in the precious metals AND miners for the past 3 years. Sure, today's gain is very significant... but what about the fact that...
...GDX broke the 2013 low of $20.18 just this very morning?
Ohh, and yes, I realise some will call it a double floor, but the metals (notably Silver) are already well below the 2013 lows.
-
Certainly, Interesting gains for the miners... but it does very little to negate the recent declines, never mind the broader 65% collapse since spring 2011.
