GDX - fails to rally with Gold

Despite Gold rallying around $9, the precious metal miners failed to follow. The ETF of GDX settled lower by a rather significant -1.5% @ $19.07. Near term outlook is mixed, as the miners look vulnerable with the broader market, but have failed to break/hold above the 2013 floor at the $20 threshold.


GDX, daily

GDX, monthly

Summary

Little to add.

It has been a rough month for the precious metals.. and even though much of the Gold/Silver declines have been negated (as the USD weakens), the mining stocks are still massively lower by -10.4% on the month.
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Best guess remains, a key multi-year floor for the precious metals (and by default.. the miners) in late summer/autumn.