Gold Stocks Hold Their Ground
Justin Smyth | Jul 16, 2014 07:15AM ET
Market Vectors Gold Miners (ARCA:GDX) held up rather well today with gold down 2.40% for the day. GDX was only down 2.64% and many leading gold stocks were down less than gold. Market Vectors Junior Gold Miners (ARCA:GDXJ) was down over 4% but Global X Silver Miners (NYSE:SIL) the silver miners ETF was only down 3%, not much more than silver. Impressive relative strength against gold. This is the type of action you'd expect in a gold bull market, not in a bear market. In a bear market the gold stocks would get trashed with gold down this much. Also Palladium was barely off for the day.
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