"Seeking Alpha" : Gold Miners At Critical Moment As 20% Correction Threshold Approaches - VanEck Vectors Gold Miners ETF (NYSEARCA:GDX)
The company is confident it will be able to effectively reduce lower costs (Life of mine all-in sustaining costs at Los Filos are currently project at ~US$800) and extend the mine life at Los Filos. Wednesday Leagold Mining (symbol LMC on the TSX-Venture) will begin trading again after a lengthy halt due to one of the largest equity financings in recent gold mining sector history. The gold mining sector as measured by the GDX has declined ~17.5% from it February 8th peak, when declines surpass the 20% mark they transition from corrections to bear markets. Legendaryfund manager Jeffrey Gundlach emphatically stated on an investor webcast yesterday that "the next major move in gold will be higher.". After running into resistance in early February the gold miners have been correcting for the last month.
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About: SPDR Gold Trust ETF, Includes: PowerShares DB Gold ETF (NYSEARCA:DGL),VelocityShares 3x Inverse Gold ETN (NASDAQ: DGLD), DB Gold Double Long ETN (NYSEARCA: DGP), DB Gold Short ETN (NYSEARCA: DGZ) SPDR S&P 500 Trust ETF (NYSEARCA:SPY)Disclosure: I am/we are short GLD. In this report, I wish to discuss my short-term views about the gold market. The net long fund position climbed by a significant 102.64 tonnes week-on-week (w/w) to 323.88 tonnes as of February 28. Tehchical viewSPDR Gold Trust ETF (GLD) has started the week on a very down note after being unable to break above its 200 weekly moving average (WMA) last week. SPDR Gold Trust ETF (NYSEARCA:GLD) positioningSource: TradingView.
The Direxion Daily Jr. Gold Miners Bull 3X ETF (NYSEARCA: JNUG ) and Direxion Daily Gold Miners Bull 3X ETF (NYSEARCA: NUGT ) are down 59% and 44%, respectively. The Market Vectors Gold Miners ETF (NYSEARCA: GDX ) has fallen 17% off from its February high. Its higher beta cousin and the fund that will be in focus for today's trade idea, the Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ ), has tumbled some 24% over the same time frame. First, at $33, it's much easier to structure an options trade around than the twin leveraged funds, JNUG and NUGT, which sit in the single digits. Allow me to enlighten you on why GDXJ is our gold stock fund of choice for today's proposal.
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collected by :Jack Luxor
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Gold Weekly: Ready For The Crash - SPDR Gold Trust ETF (NYSEARCA:GLD)
About: SPDR Gold Trust ETF, Includes: PowerShares DB Gold ETF (NYSEARCA:DGL),VelocityShares 3x Inverse Gold ETN (NASDAQ: DGLD), DB Gold Double Long ETN (NYSEARCA: DGP), DB Gold Short ETN (NYSEARCA: DGZ) SPDR S&P 500 Trust ETF (NYSEARCA:SPY)Disclosure: I am/we are short GLD. In this report, I wish to discuss my short-term views about the gold market. The net long fund position climbed by a significant 102.64 tonnes week-on-week (w/w) to 323.88 tonnes as of February 28. Tehchical viewSPDR Gold Trust ETF (GLD) has started the week on a very down note after being unable to break above its 200 weekly moving average (WMA) last week. SPDR Gold Trust ETF (NYSEARCA:GLD) positioningSource: TradingView.
Market Vectors Junior Gold Miners ETF (GDXJ) Is Oversold. Time to Strike.
The Direxion Daily Jr. Gold Miners Bull 3X ETF (NYSEARCA: JNUG ) and Direxion Daily Gold Miners Bull 3X ETF (NYSEARCA: NUGT ) are down 59% and 44%, respectively. The Market Vectors Gold Miners ETF (NYSEARCA: GDX ) has fallen 17% off from its February high. Its higher beta cousin and the fund that will be in focus for today's trade idea, the Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ ), has tumbled some 24% over the same time frame. First, at $33, it's much easier to structure an options trade around than the twin leveraged funds, JNUG and NUGT, which sit in the single digits. Allow me to enlighten you on why GDXJ is our gold stock fund of choice for today's proposal.
read more visit us gold
collected by :Jack Luxor
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