GDX - miners still digging lower

With precious metal prices seeing further significant declines, the miners remained under severe downward pressure. The ETF of GDX settled the day -4.6% @ $20.63, with a net weekly decline of -6.1%. The December 2013 low of $20.18 looks set  to be broken.


GDX, daily

GDX, monthly

Summary

Suffice to say, with the rising USD, commodities are all under pressure..and the precious metals are not escaping. With lower metal prices, the mining stocks remain on the slide.

GDX looks set to at least fall to the mid teens by spring 2015. I suppose there is a possibility of $10 by late 2015/early 2016 - especially if Gold $900/875, but regardless, in the immediate term... the sector remains utterly hated by Mr Market.