The Train has left the Station for Precious Metals and Miners.
Gold, silver…and most especially the miners…had major moves higher. VRA holdings in this group up a combined 140%+ in the last 3 days, but folks, this move looks to be only just beginning.
GDX (Miner ETF and underlying structure for NUGT) traded a nice 84 million shares, which provides additional confirmation on the breakout for us. If you’ve been following our work for long you know that we want to see back to back days of 80 million + shares traded in GDX for rock solid confirmation that the next major move higher is “on”.
Of the bullish signals for PM’s and miners, none is more bullish than when the miners are leading the commodity price higher. Check out the relative strength chart below of GDX to Gold. Beginning last September, GDX began to significantly outperform gold. Because the leverage is in the underlying equities, this is just what a PM bull wants to see. As can be seen, the outperformance is actually ...