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Over the past 12 months Gold ETF (GLD) has gained over 20%, yet Gold Stock ETF (GDX) is down 9% in that same time frame. For whatever reason, metals stocks are not following the metal very closely as GDX remains stuck inside of a sideways channel since mid-2010.
This afternoon, GLD is moving higher and is up against two resistance lines. If GLD fails to push past resistance, GDX becomes even more frustrating for metal stock owners!