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So it Begins: Mining Stocks’ Weakness

July 10, 2018, 10:28 AM Przemysław Radomski , CFA

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After many days of strong performance of mining stocks, we finally saw a day, when they clearly underperformed the price of gold. Both: gold and silver rallied initially yesterday, only to move back down later during the US sessions, but overall, they still moved higher yesterday. Mining stocks didn’t. The GDX formed a big red candlestick and some may say that this marks the end of the rally in the precious metals sector. Would they be correct? Is it high time to cash in the profits and move to the short side of the market?

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