Loading ...Lastly, look at the relative strength and the VOLUME in the GDX (seniors) yesterday; if the entire space is dominated by the behemoths, then it stands to reason that the Barricks and Newmonts and Goldcorps of the world simply must find their footing before any meaningful rally can develop. With that said, it has always been my conviction that VOLUME PRECEDES PRICE. Accordingly, yesterday marked the largest trading volume EVER in the GDX. While you can fixate on the massive liquidation in the GDX as a negative, and since for every seller there was an offsetting buyer, some very big money went into the Senior Miners yesterday and I (through my rose-coloured glasses, of course) view that as an important development. Massive volume after a protracted crash is bullish so all we need now is for PRICE to confirm and we could have one hell of a move.
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