Monday 14 December 2015

GDX - following the metals lower

It was a rough start to the week for the precious metals, and that naturally pressured the related mining stocks lower. The miner ETF of GDX settled lower by a very significant -5.5% @ $13.59. New multi-year lows look due into 2016.

GDX, daily

GDX, monthly


Little to add.

Gold looks headed for the psy' level of $1000.. and probably 900/875. If correct, that probably equates to a further 15/20% off most mining stocks.

*I've ZERO interest in picking up any of the individual miners, as there simply isn't yet any sign that the precious metals have floored.