GDX - miners catch a bid

With Gold and Silver prices seeing significant net daily gains, the related miners were similarly on the upswing. The ETF of GDX settled higher by a very powerful 6.5% at $14.27. Near term outlook offers a continued bounce to the $16s, but mid term outlook remains very bearish to 12/10.


GDX , daily

Summary

With metal prices on the rise today, it was no surprise to see the related mining stocks catch a bid, although it was indeed the strongest day in at least a few weeks.
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Broadly, there is ZERO reason why anyone could assume metal prices have put in a key multi-year floor. If correct, and metals break new lows, then the miners will be dragged lower.. regardless of however strong the main market might be.