GDX - strong weekly gains

With precious metal prices continuing to climb, the Gold/Silver miners were naturally on the rise. The miner ETF of GDX saw a net weekly gain of a very significant 7.3% @ $22.22. Near term outlook is bullish, with next upside target of $25.. which is another 15% higher.


GDX, daily

GDX, monthly

Summary

Suffice to say... metal prices up.... miners up.
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However, I still believe the precious metals have not yet put in a key multi-year low from the cycle high in spring 2011. If correct, the miners will be dragged back lower this spring.. and perhaps much of the summer.
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*for now, I have ZERO interest in being long the miners... or metals. Will be looking to get involved in the late summer/early autumn.