12pm update - metals and miners... whacked

Whilst the broader equity market continues to just see minor chop, there is some real action in the precious metals. Gold -$15, with Silver -1.0%. These declines are having a pretty strong negative reaction on the miners, the ETF of GDX -3.2%.


GLD, daily

GDX, daily

Summary

Metals lower... equals miners lower.. almost always.

No doubt the gold bugs will be attributing all manner of excuses for this. The rather lame aspect is that so few ever want to look at the broader weekly/monthly trends...which remain strongly bearish.

The 2013 lows look set to be broken.. and the response from the gold bug community will be rather amusing to see.

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time for lunch.. on what is a fine late summers day.