Looking at the GDX, HUI and XAU.. It seems like they are leading gold a bit and indicating we've got lower prices ahead. It will be interesting to see how this pans out because we've already corrected over 6% off the highs even though gold is barely down about 1% off it's highs.
I think that most of the problem stems from NEM and KGC but overall, the tone of the miners is one which wants to head lower and fill the gap up from the beginning of the year. What we need to hope for is for either gold to go crazy and force the miners up. Right now, they are headed lower and could be acting as leaders on the way down. Let's hope that the miners bottom here soon otherwise, that spells trouble short term.
I think that most of the problem stems from NEM and KGC but overall, the tone of the miners is one which wants to head lower and fill the gap up from the beginning of the year. What we need to hope for is for either gold to go crazy and force the miners up. Right now, they are headed lower and could be acting as leaders on the way down. Let's hope that the miners bottom here soon otherwise, that spells trouble short term.