It would be crazy if this GDX closed green. It is very interesting that gold is down so much and GDX and most of the miners are only down 1-2%, hardly a "trashing" with the Fed announcement and gold getting tanked. GG almost went green earlier today and it is the largest part of GDX. Just an obvious, observation.
This will only turn around only after a total washout, baby with the bathwater blowout drop in price. Can some of you give me an idea of what the price might be? i would say that GDX should hit in the $17-18 range.
Dude you say "gold is going to $1320 this month"
but a few days ago you said "Gold will settle near $1180, GDX will break $20 and NEM will break $22, that is the year end prediction for 2013. In 2014, Gold will break $1000 intraday, GDX will break $15 and NEM will break $18. That is the 2014 prediction. Gold is a strong short through 2014. Gold is a buy in 2015"
And you said "time to short more!!! Easy $$$$$$$$$$$
Are you Bipolar??
I said in the new few days, and yes you will see it drop $50. That is only a 4% drop and it will happen quickly so we will see who is correct.
"But we will see in a few days who is right"
We will see in the morning, or tonight when the futures open, it wont take a few days. $1190 will come very soon for gold, very possibly in the morning. You may be right about the fundamentals, but with the miners already at their lows for the year, a big nudge from Iran could move this down rather quickly.
And the Pope might be Jewish.
Gold will be in the $1100's on Monday or Tuesday. Iran is the biggest treat in the middle East, and the threat level has just been turned down tremendously.
That Iran deal, along with the GDX closing three ticks off it's 52 week low, along with tax loss selling will absolutely slaughter the miners on Monday. The GDX is right at it's 52 week low and GG, NEM and GOLD etc. are all just a few percent above their 52 week lows. It is pretty much a given that they will break below their 52 week lows and when that happens we will see some ugly DROPS lower. This is pretty much a given. Stocks just don't bounce off their lows, especially with this kind of bad news. I am glad I got out a while back.
Buying this yesterday was a no brainer. $27 into the close, $30 in the next week and up from there. Gold will make new highs after the first of next year. Remember markets make fools of most of the people, most of the time. Just when most investors have given up it will proceed to make new highs. And then they will get back in.