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1/21/12

Five days of metals and miners: Jan 21st

This is becoming a regular thing (which isn't bad), so lets see how many weekends pass before I forget to put this chart up, the one that tracks the gold ETF (GLD) for gold proxy, the silver ETF (SLV) for silver proxy, the miner ETF (GDX) the junior ETF (GDXJ) and copper miners' ETF (COPX) for base metals proxy purposes in the the last week five days of trading (though this time we remember MLK day on Monday shortened the trading week):


Base metals rebound, zinc and lead and friends do as well as their big brother copper, silver shows liquidity and risk appetite returning to the market, gold puts in a steady but solid week.

The interesting one is the GDX, however. Looks like cash rotation to me, but I may be wrong and that segment is flashing a wider warning. Vamos a ver....

UPDATE: Ok, I've just caught up with this post over at Biiwii and Iwnattos adds a bit of logic behind the GDX drop, too. Fools seldom differ, or great minds think alike? YOU BE THE JUDGE!