GDX - net monthly gains

Despite settling -1.0% @ $14.11 for the Monday close, the miner ETF of GDX saw a net monthly gain of 2.6%. However, price action remains broadly bearish, and with a new historic low of $12.96, the 11/10s look a given as Gold still looks on track for the $1000 threshold.


GDX, daily

GDX, monthly

Summary

Little to add.

It remains the case that regardless of however strong the main market might be, the mining stocks are largely beholden to price action in the precious metals.

I continue to see Gold eventually testing the giant $1000 threshold.. along with Silver 12/10, and that is most certainly not going to help GDX !