Mining Stocks (GDX) Buck Gold and Kick Higher
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Market Vectors Gold Miners ETF (NYSE: GDX) is up 4 percent intra-day on Wednesday despite a drop in the spot price of gold and a broader sell off in equities.
A similar move occurred last week, and it appears GDX is still acting as a safe haven even though spot gold isn't. Gold mining stocks are sometimes cushioned from very short term drops in the spot price of gold, although a longer term downward trend would certainly be a negative for stocks in the sector. Also, dividend yields in the group are looking juicy.
The spot price of gold is lower by 1.17 percent intra-day.
A similar move occurred last week, and it appears GDX is still acting as a safe haven even though spot gold isn't. Gold mining stocks are sometimes cushioned from very short term drops in the spot price of gold, although a longer term downward trend would certainly be a negative for stocks in the sector. Also, dividend yields in the group are looking juicy.
The spot price of gold is lower by 1.17 percent intra-day.
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