From Jeff Clark, Editor, Jeff Clark’s Market Minute:
I am not a fan of how gold stocks are trading right now.
As I’ve said many times this year, I think the gold sector will be much higher later this year than where it is today. So, I expect to have plenty of exposure to gold stocks in anticipation of a large rally in that sector.
But in the short term, if I set my gold-colored glasses aside and focus just on the technical action, it doesn’t look good.
Gold has held up reasonably well during this stock market correction. The yellow metal hit $1,355 on Monday. That put it up about 3% for 2018 – which is far better than the stock market.
But, GDX – despite rallying last week – has lagged that action. GDX started the year at $23.25. It closed yesterday at $21.62. So, while gold is