Friday, May 31, 2013

GDX Gold Miners Chart & 6 Shots of Must-Know News

The gold miners, as tracked by the Market Vectors Gold Mines ETF (GDX: 28.50 +1.28 +4.70%), are down again today. BOOOOOO!  Ah, it’s a process, which is what people say when it’s hard to predict where things will go next. Here’s a chart and some news for this trading Tuesday …
gdx bearish

(Updated chart)
And here’s some news that may help gold miners move one way or another …
  1. Commercial participants in the gold market, also known as “smart money”, are the most bullish on gold in nearly five years. READ.
  2. Gold ETF selling in 2013 so far is at about 450 metric tons, equal to mine output from all of Africa & South America. READ.
  3. Gold exploration has dropped close to 55% year over year. READ. Now THAT’S going to crimp future supply, eh?
  4. Giant, low-grade gold projects –  huge, undeveloped ore-bodies, which contain a significant proportion of the world’s unmined gold — are falling out of favor in a hurry.  READ. That’s news for companies including (ABX: 19.82 +0.87 +4.59%), (XRA: 0.729 +0.014 +1.96%), (NG: 2.39 +0.10 +4.37%) and (PVG: 8.22 +0.56 +7.31%), and not in a good way.
  5. Gold short positions have hit a new record. Short sellers in the futures market extended their position for the sixth consecutive week last week pushing the overall short position to a record 14.6 million oz. READ.
  6. Hecla’s CEO is forecasting a further decline in silver prices in the second quarter. Spot silver prices have fallen about 16 percent to $23.65 since March 28. Sorry, dudes.  READ.
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