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SPDR Gold Shares Message Board

  • bryanleighton bryanleighton Jul 22, 2013 1:10 PM Flag

    Gold Miners Explode

    Precious metals have been one of the worse performing sectors recently. Today that is not the case, the SPDR Gold Trust (ETF) (GLD), and the iShares Silver Trust (ETF) (SLV) are outperforming every major industry group on the day. The move higher comes as the U.S. Dollar Index futures decline on the session. It should also be noted that the USD/JPY is also falling and that weak currency pair also helps the precious metals to rally higher.

    Some of the gold and silver mining stocks that are rallying higher today include Yamana Gold Inc. (USA) (AUY), Goldcorp Inc. (USA) (GG), and Pan American Silver Corp. (USA) (PAAS). Traders that want to track and trade the gold mining sector should follow the Market Vectors Gold Miners ETF (GDX). Today, the GDX is trading higher by 6.23 percent at $27.48 a share. Short term day traders should watch for intra-day resistance around the $28.00 level. This industry group is showing tremendous intra-day relative strength today, so trying to fade this equity is going to be a tough endeavor. Traders should watch the USD/JPY, and the U.S. Dollar Index closely as the precious metals will generally trade inversely to the dollar.

    Nicholas Santiago
    InTheMoneyStocks

    Sentiment: Buy

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • This is just the beginning. I didn't think $1,325 would breach that quickly -- I figured on $1,300 no problem but this breakout is vicious. The latest move in the miners (GDX) is nothing. Look for at least 20% more before re-evaluating. Best charts I have seen in years.

      jmho. glta.

 
GLD
114.83+2.06(+1.83%)Dec 26 4:00 PMEST

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