Direxion Daily Gold Miners Be (DUST)

[fitzwell11]

Absolutely agree, gold is pulling back how it should (and should even more imo considering everyone flocking to equities as new ATH are reached). But miners still have a big area to pullback too. Miners are correlated to the price movement of gold roughly 57% of the time, what appears to have happened this month was that miners correlated with gold when it spiked post brexit, but correlated with equities when they hit ATH. What comes next is a major GDX pullback imo.

One can look at the contracts being bought right now and you can see that speculators are buying up GDX, while actual miners are selling and locking in profits at these levels. The last time GDX was touching $30.00-$30.60 gold was $1,460. I will continue to accumulate this bottom, knowing that there eventually must be a pullback and oh so many gaps have been left behind.

$DUST