10am update - Gold breaking new lows

Whilst equities open with mixed chop, there is notable action in the precious metals. Gold is -$12, having broken a new multi-year low of $1051. The giant psy' level of $1000 looks an easy target... the only issue is whether that occurs before year end.. or early 2016. The related mining stocks are naturally being impacted.


GLD' daily

GDX, daily

Summary

For the gold bugs.. its about as bad a post-thanksgiving return to the market as possible.

Its not so much that Gold/miners are lower.. but that we're regularly breaking new multi-year lows. By definition... with new lows... there is zero sign of a turn.. and I'd expect Gold in the $900s next year.

As many recognise.. higher rates are bearish precious metals... and the related mining stocks.
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Santa at the NYSE... again

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time to shop....... back at 11am