#gold consolidates in $1630s miners lag min 10% $GDX $NUGT $DUST
It is uncharacteristic for the miners to lag in this way, usually, it goes the other way around.
The explanation is simply that the S&P is near all-time highs and has signaled repeatedly to short the gold mining companies and ETFs.
GDX resistance in the $31 region is not likely to hold this time. Gold miners are seeing all-time record profits due to gold reaching new all-time highs in every currency but the US dollar ( XAUUSD ) and Swiss Franc ( XAUCHF .) Most mining costs are incurred in other currencies where gold has been hitting all-time highs repeatedly for many months.
Shorting of the miners are will be bad for business as these levels are pierced.
The explanation is simply that the S&P is near all-time highs and has signaled repeatedly to short the gold mining companies and ETFs.
GDX resistance in the $31 region is not likely to hold this time. Gold miners are seeing all-time record profits due to gold reaching new all-time highs in every currency but the US dollar ( XAUUSD ) and Swiss Franc ( XAUCHF .) Most mining costs are incurred in other currencies where gold has been hitting all-time highs repeatedly for many months.
Shorting of the miners are will be bad for business as these levels are pierced.
