GDX - miners set for new multi-year lows

With precious metals continuing to slip, the miners were naturally pressured lower. The ETF of GDX saw a net Friday decline of -0.4% @ $20.45. Across the week, GDX fell -3.8%. The broader outlook is for the Nov'2014 low to be broken under. In theory... GDX could be cut in half by late summer.


GDX, daily

GDX, weekly

Summary

Suffice to say... so long as the precious metals remain weak, the miners will be similarly weak.

My target for Gold remains the giant $1000 threshold, roughly 20% lower. Typically, the miners drop 2x the rate of Gold.

I expect GDX to break new cycle lows this spring... and perhaps eventually flooring in late summer.... in the low teens. At that time.. and price... it will arguably be a generational buying point.