1pm update - Gold pressuring the miners

With Gold prices fractionally lower for a seventh consecutive day, the related precious metal miners are seeing increasing weakness. The ETF of GDX is -3.3% in the $14.10s. New multi-year lows in the 12/10 zone look probable by year end.. not least if the Fed raise rates.


GDX, daily

GLD, daily

Summary

So... with the USD in the DXY 98s, commodities are under pressure...  with Gold broadly weak, and that is not helping the miners.

It continues to bemuse me why some would think $1072 is a key multi-year low for Gold. No.... we're headed at least to test the giant psy' level of $1000.. which if the Fed raise rates at the Dec' FOMC.. will be hit before year end.

If correct... it bodes very badly for the related mining stocks.

Hard to say if GDX will degrade <$10... but regardless.... default trade remains bearish.

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notable weakness; QCOM, -14% in the $51s... next support is the 50/48 zone, which looks a given.. considering the break of the Sept' low.
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back at 2pm