GDX - miners battling upward

With the precious metals seeing strong gains this week, the Gold/Silver miners were similarly on the rise. The miner ETF of GDX saw a net weekly gain of 9.6% @ $20.75. Despite being higher for the third consecutive month, with Gold yet to test the giant $1000 threshold... there remains high chance of another wave lower.


GDX, daily

GDX, monthly

Summary

Little to add.

Yes, the third consecutive monthly gain... but with the USD set to rally for some years (would you rather hold Euro or Yen?).. metals - and by default... the miners, are going to remain under pressure.

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Keeping in mind the precious metals

I hold to the original downside target of Gold $1000, if not the 900/875 zone by late summer 2015. If that is correct, then the miners will see another significant wave lower.. taking out the recent lows.

*for now, I have ZERO interest in being long the precious metals... or the miners until late summer. From there... I'll be very mindful of a key multi-year floor being put in.