Full Article: Gold Stocks Have Been Quietly Bottoming
By: David Erfle
Based on the trading levels and decreasing volume in the GDX over the past 18 months, the precious metal miner sector has been drifting listlessly sideways and totally devoid of excitement. Gold stock volatility levels are dropping down to unsustainably low values and periods of low volatility lead to sharp moves. The major miner ETF opened this week in the $22 region, which is the same level it was trading when gold was nearly $150 lower in late November of 2016. We have yet to see one of the huge impulse move up-legs which gold stocks are famous for since the first half of 2016, so most traders have given up and shifted speculative capital elswhere.
However, since the initial panic move down in global equities ended on February 9th, the GDX has been carving out a rounded bottom on the weekly chart. While the day to day trading in the gold space continues to be frustrating, the downside selling pressure has been decreasing and weakness is being bought in the miners. We have seen safe haven capital coming into the gold space while global geo-political tensions and monetary concerns have spooked investors.
Full Article: Gold Stocks Have Been Quietly Bottoming
By: David Erfle
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