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Gold miner breadth

Jason Goepfert
2020-07-27

Today we've introduced some new premium breadth charts, covering gold mining stocks. Updated daily, Eric has created charts that show the percentage of gold mining stocks in bear markets and corrections, as well as the percentage of those stocks trading above their 10-, 50-, and 200-day moving averages, and the percentages that hit a 52-week high and 52-week low. The indicators are showing that more than 95% of the member stocks are trading above their 200-day averages, a level matched by 195 other days since the inception of the GDX exchange-traded fund. It needs to break its recent pattern since GDX showed a positive return three months later only 38% of the time according to the Backtest Engine. Using the longer history of the NYSE Arca Gold Miners Index (GDM), the only additional precedent was in January 1994 right before a rough few months for these stocks.

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