GDX - miners buried as metals trashed

With the USD continuing to climb, the precious metals saw another significant wave lower. The miner ETF of GDX duly imploded (intra low 20.14), settling -4.8% @ $20.52. Near term outlook threatens a bounce, but mid term outlook remains bearish, unless GDX >$26.


GDX, daily

GDX, monthly

Summary

Suffice to add, with Gold <$1200, and Silver in the low $16s, it was no surprise to see the related mining stocks very significantly lower.

With the USD comfortably holding above the giant psy' level of DXY 100, its difficult to see how the metals and related miners, are going to be able to break out of the downward trend that began this summer.

As ever... one day a time, but for now, those gold bugs whose portfolios are filled with gold/silver mining stocks don't have much realistic hope of things reversing any time soon.

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