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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 393.24

+1.1%

Dec 11 4:00 PM EST

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To: ecrire who wrote (25359)	8/11/2011 6:51:43 PM
From: gold$10k	1 Recommendation Read Replies (3) of 29622

You are speaking the logic of fundamentals... which will have its way at some point, but I don't believe that point is now. Since GDX is a group of stocks, during fearful times it seems to me that the market associates GDX with other stocks, so that it has difficulty rising when SPX is falling... and even when SPX is not falling, my observation is that it also has difficulty rising when the POG is not rising. In the current environment, SPX (risk-on asset) is trading opposite to gold (risk-off asset) so that GDX has difficulty finding a time window to rally when SPX is not falling yet the POG is high or rising. Yesterday was such a day. That said, GDX has formed a small technical pattern that would launch it to its previous high at 64 if 61.5 is clearly exceeded. Also, at some point GDX will diverge from SPX altogether, but I have not seen that yet. Just my opinion.

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