GDX got a boost as the US stock market sagged. That is more like what we are looking for in the precious metals. Today GDX is trying to take the 50 day averages. Here is the view of this important parameter.
Long term T bonds continue upward (top panel) and the ratio of the 30 year to the 5 year remains constructive (bottom). This is what the precious metals want to see and it could be argued, the broad market would not like to see.
Speaking for the short term, the above is remedying the factors that were a concern in pre-market. If this short term information causes a mental whipsaw, it might be worth focusing on the big picture, which seems to be inching toward a precious metals positive phase. In that case, changing the trend to up remains our priority.
