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Sunday, November 24, 2013

Gold miners, how low can you go?

Gold miners have gotten SMOKED, any attempt to buy has been rewarded by one heck of a slap!
But lets take a look at the Gold Miner ETF.  It sits now at 22.25,
The ultra-low of GDX back in the depths of 2008 crash was 16-17.

Gold miners can go lower, heck the ETF could go below 2008 crash, anything is possible.
BUT, with China loving gold, India paying 20% premium and smuggling gold in due to import restrictions, I think this may be a demand spike waiting to happen.

I really have a hard time saying buy, after trying to catch a falling knife several times already.
But me liking gold miners has been between 25 and 30 GDX, and here we sit at 22.50.
Really not THAT bad of a timing on my part (assuming we don't go lower).

I am putting myself in again tomorrow, about 1/2 my purchasing power left, leaving 1/2 for later.
Good luck

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