Downturn in Gold Miners Signals Strength in Equities and Vice Versa
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Gold mining stocks have been the favorite hiding place for investors whenever markets get panicky. Many investors prefer the gold miners ETF (NYSE: GDX) to spot gold (NYSE: GLD) as a short term play because miners tend to be slightly cushioned relative to the spot, which can prove to be important in very negative risk-off days. GDX has also underperformed relative to the spot on a longer term basis, say traders, and this makes it even more appealing.
Today GDX is lower by 0.64 percent, as the broader market and SPY trade higher by the same amount.
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Today GDX is lower by 0.64 percent, as the broader market and SPY trade higher by the same amount.
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