GDX - net monthly declines

Despite the precious metals seeing net monthly gains, the mining stocks were back on the slide. The ETF of GDX saw a net monthly decline of -2.5% @ $19.60. The broader trend from 2011 remains bearish, with GDX set to break the Nov'2014 lows at some point this summer/autumn.


GDX, daily

GDX, monthly

Summary

Suffice to say... there is little reason for any of the Gold bugs to hold the view that a key floor is yet in.. whether for the precious metals themselves.. or the related mining stocks.

With the USD set to break a new multi-year high (>DXY 100.7) this summer, commodities will be under renewed downward pressure.

If Gold $1000, then GDX could still lose another 35/45% from current levels... before year end.
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*I will be looking for a key floor in the metals/miners later this year.