GDX - climbing with the metals

With Gold and Silver climbing, the related miners followed. The ETF of GDX ended the week on a positive note, +1.1% at $22.89, which made for a second consecutive net weekly gain of  4.9%. Near term outlook is leaning upward into year end.


GDX weekly

GDX monthly

Summary

Last week saw a key bounce from what is core support in the low $21s. The mining bulls should be very relieved to have seen bullish follow through.

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M/t outlook is mixed. For bullish clarity, we arguably need to see Gold >$1400, Silver $22s, and Copper $3.00. The latter was attained in August, and copper is one powerful indirect signal that gold/silver, and the related miners will eventually follow upward in 2018.

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My most favoured miner remains Barrick Gold (ABX), which managed a daily close above the 50dma, having just recently broken the downward trend from early September.

ABX, daily

 The more cautious will wait to chase until >17.50.