1849 - the California goldrush. In honor of the game later this afternoon, I'm putting up a few charts of the miners (GDX) in comparison to the metal itself (GLD) as this seems to be a topic du jour. (js!) You speculators will have to draw your own conclusions for your prospects. I will say though, the two are trading differently. Let's start with GLD. Gator pointed out that the long term trendline has not been violated. The GLD did go a bit parabolic for a time, but the pullback did no technical damage.
The miner's chart is not quite so straight forward, having overshot to the downside in the '08 fallout, but you can clearly see that recent trading is damaging to the 2+ year trendline.
The recent downtrend in the GLD has been rather clean:
While the GDX shows an accelaeration to the downside:
While the GDX shows an accelaeration to the downside:
I'll post two more comparisons within the blog.....