If one takes a long hard look at the GDX since August 8, 2020, it is very clear that we are trending down in a series of lower highs and lower lows.
In fact this trend is quite persistent and seems to be accelerating.
One has to consider the possibility that the metals are the early signal (to the equity markets) that we are about to have a 'solvency event'.
There is at least some risk that we are about to have a capitulation event in the miners.....if we break to a new low.
agreed. you positoned for that?