Are Gold, Silver and Miner ETFs On The Verge Of Breaking Out? (GLD, SLV, GDX, GDXJ)
“Despite the cheering over the 200+ point Dow rally today, stocks remain locked within the trading rangein place for about a year. However, ETFs tracking gold, silver and miner stocks may be on the verge of a breakout to the upside as they brush against key resistance levels. With gold futures back near record highs, the $52 billion SPDR Gold Shares (NYSE:GLD) is a couple bucks short of its own all-time high of $123.56 set in June,” John Spence Reports From MarketWatch.
Spence goes on to say, “The charts for iShares Silver Trust (NYSE:SLV) and Market Vectors Gold Miners ETF (NYSE:GDX) tell a similar tale. (NYSE:GDX), which invests in miner stocks rather than the shiny stuff itself, has ballooned to a nearly $7 billion fund. The ETF has run into resistance at $54 several times this year, but a break above that level could be the all-clear sign for more gains. Meanwhile, Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) has gathered assets of about $1.3 in less than a year. Like father, like son, I guess. Watch for a break above $31 on this ETF.”
“And let’s not forget silver — (NYSE:SLV) surged in late August and a solid rise above $19 could forecast additional gains. (NYSE:SLV) has assets of $5.6 billion. The interesting part about today’s market action is that gold and silver ETFs are holding relatively steady as stocks surge, even though the metals are viewed as safe havens. A falling dollar today may explain some of this. (NYSE:GLD), (NYSE:GDX), (NYSE:GDXJ) and (NYSE:SLV) have all gained at least 13% year to date. The S&P 500 is down about 3% including Wednesday’s rally,” Spence Reports.
Visit our categories on each ETF for more insight:
SPDR Gold Shares (NYSE:GLD) Visit Our (GLD) Category: HERE
iShares Silver Trust (NYSE:SLV) Visit Our (SLV) Category: HERE
Market Vectors Gold Miners ETF (NYSE:GDX) Visit Our (GDX) Category: HERE
Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) Visit Our (GDXJ) Category: HERE