Wednesday, November 18, 2009

GDX update

looks like the 'megaphone' pattern on GDX highlighted last week is still in play.




furthermore, we are seeing a pattern of declining tops on the GDX:GLD ratio the past few months.



on the other hand, bulls can point to the outperformance of GDXJ (Junior Gold ETF) relative to GDX and GLD since the fund was launched.