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GDX - VanEck Gold Miners ETF

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Sean K

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It's been interesting comparing all the stocks and various instruments to trade gold and compare charts the past couple of months. All seem to be pointing to a significant reversal to the multi-month downward trend to a bottom found a few weeks ago.

GDX is a good example of something potentially starting to break up, slightly behind ASX miners and the XGD. Will be interesting to see if it follows through.

5 year / 2 year log weekly charts below.

The Vaneck ETF includes:






 
Good evening
Plenty water has flown under the bridge... Watching GDX very closely ...

Kind regards
rcw1
 
Good evening again,

An interesting article published by SeekingAlpha dated 16 July 2022, written by Paul Franke.

Liquidity Crisis: Financial Sector SPDR, VanEck Gold Miners ETF Sharp Decline

Steep stock market losses are correlated with a tandem material drop in banks and gold/silver miners. See why they both are the best indicators of liquidity in our economic system.
seekingalpha.com

Kind regards
rcw1
 
Sean K said:
Wow, this has tanked down to June 2019 levels. Has the sector been oversold?

View attachment 144920


Click to expand...
Good evening Sean K
Reckon so.

Article called GDX: The Fed Has Blinked And Gold Miners Will Benefit written by Stuart Allsop, on 1 August 2022 provides the reader with some background on GDX and opinions in favour of the stock. Note, Allsop has some disclosures.

GDX: The Fed Has Blinked And Gold Miners Will Benefit (NYSEARCA:GDX)

The VanEck Vectors Gold Miners ETF offers exposure to the world's leading gold miners and is cheap from a historical perspective based on current gold prices.
seekingalpha.com
​



Kind regards
rcw1
 

Thanks for that link. Agree with Allsop's position here. The juniors have been even more sold off with GDXJ down 50% from highs. For longer term players this represents opportunity to me.
 
rcw1 said:
Good afternoon
Nice surprise GDX this week. Accumulated holding.

Kind regards
rcw1
Click to expand...
Good afternoon champions,
Sold some of rcw1 holding today. Not sure whether that was wise, but anyways, a portion no longer paper money, but profit money.

Have a great day.

Kind regards
rcw1
 
rcw1 said:
Good afternoon champions,
Sold some of rcw1 holding today. Not sure whether that was wise, but anyways, a portion no longer paper money, but profit money.

Have a great day.

Kind regards
rcw1
Click to expand...
Good morning
Should a, could a, would a waited a day a
ha ha ha ha
Anyways all holding sold.

Kind regards
Rcw1
 
rcw1 said:
Good morning
Should a, could a, would a waited a day a
ha ha ha ha
Anyways all holding sold.

Kind regards
Rcw1
Click to expand...

You may have picked a bottom down there, but a shame to be out if it was a bottom. Might have been a double bottom end of Aug and Sep, fingers crossed. Right on resistance across 40 bucks. I'm holding till POG hits USD2600 ish...

 
Sean K said:
You may have picked a bottom down there, but a shame to be out if it was a bottom. Might have been a double bottom end of Aug and Sep, fingers crossed. Right on resistance across 40 bucks. I'm holding till POG hits USD2600 ish...
Click to expand...
Thanks Sean K, exactly. Missed picking up today, left order in, see what transpires Monday.

Kind regards
rcw1
 
A bit of a rounded bottom type thing happening here. Looking forward to the right hand side.

 
rcw1 looking to again sell accumulated holding. Threshold nearly at the designated mark.
Will use a loader soon to push in right direction to nudge in that $39 spectrum, would be nice.

Kind regards
rcw1
 
Hello SeanK

Have three entry points width of approx $2.50 from bottom price to top price. Magic opening today (09/11/2022) SP hitting $40.94. Nice.
Was a very big loader ha ha ha ha

GDX ain't seen $40 plus in quite awhile.

Kind regards
rcw1
 
rcw1 said:
GDX ain't seen $40 plus in quite awhile.

Kind regards
rcw1
Click to expand...

No, $40 is significant resistance here too. My average buy was at about $37 so I'm finally seeing green. Not sure how long this will last though, it seems like a knee jerk to some bad crypto trading.

 
Last edited:
rcw1 said:
Sold
rcw1 is a GDX believer. Will go back in when the numbers are good to go.
Good fortune SeanK.

Kind regards
rcw1
Click to expand...

I'm happy to have accumulated over the past few months under $40, which is looking like it might be broken. Have just started to make higher lows and highs which is encouraging, for the minute. ??

 
@rcw1 I have changed that red resistance line into blue support now. Hopefully the chart plays the game. Gold holding above $1700 should hold up the gold stocks, but general market weakness may find it retreating again of course.


 
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