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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!
There is just no liquidity/money flow into gold stocks, to push them up and keep them up, but they are Comfortably Volatile in their Channel/Rectangle
You had to post this now? (My psyche just took a punch to the gut)
I just bought GDX at 52.76 since all my indicators were in oversold territory. It is up almost 6%.
Anyway, GLD looks to have broke above resistance line.
I also bought SIL @ 23.67.
I both ETFs play some serious catch-up to their respective metals.
On another commodity note: Bought JO(@48.82)and SGG (@ 82.10). Both look good so far.
The dollar is still the key. It is still in putting in higher highs and higher lows.
Looks like a common theme ….. it’s either ‘risk on’ or ‘risk off’. Gold, S&P 500, Oil, and Bio-tech … etc etc all hit support and resistance at the same time. At the same time Bonds are Inverse to these listed above