The GDX ETF holds global miners, including Australian names. Its largest holding is Newmont, which tumbled to fresh 4-week lows overnight as forced liquidation gathered momentum, albeit without the steroids controlling silver and Bitcoin. We can see the GDX ETF testing the nerves of investors, seeing no reason to be a hero in the short term, with selling gathering, as opposed to losing momentum.
- We wouldn’t be surprised to see a “washout” style sell-off in gold stocks take GDX ETF into the $110-120 area.
MM is neutral towards the GDX around $140
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