NEM was the main board’s 2nd-worst-performing stock on Monday, courtesy of its dominant position in gold ETFs that saw big outflows; for example, it’s the largest holding in the VanEck Gold Miners ETF (GDX) with a 10.7% weighting. When markets are volatile, ETFs have a major influence on the underlying shares, selling into weakness and buying into strength.
- We can see NEM probing down towards the $140 area, or another 10%.
MM is long and medium term bullish towards NEM
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