Gold Miners Are Saying, 'Don’t Do It!'

Published 09/13/2013, 01:33 PM
Updated 07/09/2023, 06:31 AM

Even after the bruising I took with metals Thursday morning, I keep glancing at miners. I confess that Market Vectors Gold Miners (GDX) continues to look prone to a bounce -- maybe even a hearty one.
Market Vectors Gold Miners
But I keep telling myself: 'don’t do it'.

Why? Because precious metals and their ilk are in a multi-year bear market and one glance at the gold chart below shows there is nothing -- absolutely nothing -- from a technical perspective that suggests support.

A Free Fall
It’s just nothing but air at this point.
SPDR Gold Trust ETF

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