The GDX ETF surged +5.8% on Wednesday following precious metals higher as bond yields and inflation fears retreated. We believe it may take a while for gold to punch back above $US5,000, but once the dust settles after the war we believe appetite will increase for central banks wanting to diversify away from the $US Dollar.
- We remain bullish toward gold targeting the $180 area for the GDX through 2026/7.
MM is bullish towards the GDX ETF around $146
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