2pm update - Gold is not helping the miners

Whilst US equities continue to see some chop.. with the sp -3pts @ 2008, there is notable weakness in Gold, -$12 @ $1064. The recent $1045 low won't likely last.. as $1K looks an easy target. The related mining stocks are being naturally impacted, with the ETF of GDX -5.1%.


GLD, weekly

GDX, weekly

Summary

Naturally, some of the Gold bugs will be floor calling today... but then.. they've been doing that for some four years.

Gold/Silver both look set to lose another 15/20% within 3-9 months... if so... I'd merely double the percentage, to get a downside target for most of the miners.
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*I continue to be patient with the miners. For those that survive the current commodity collapse.. they will make for rather good buying levels... but that time is clearly not now.
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notable strength..

DE +1.4%
DIS +0.6%
FB +0.5%... NFLX +0.4%... momo chasers are clearly out there today.
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stay tuned