Mining Stocks Are Still Lagging The Precious Metals
The leading gold and silver mining stocks have recently lagged the precious metals themselves. Sometimes the leading mining stocks will lead the metal, however, they have been lagging the precious metals since mid-March 2011. Gold and silver are making new highs this morning while the Market Vectors Gold Miners ETF(NYSE:GDX) is still trading below its December 2010 high which was $64.62 a share. This morning the GDX is trading higher by $1.45 cents to $63.10 a share. The GDX will have intra-day resistance around the $63.50 level.
Some leading mining stocks that are trading higher this morning are Newmont Mining Corp.(NYSE:NEM), Randgold Resources Ltd.(NASDAQ:GOLD), and Goldcorp Inc.(NYSE:GG). These stock will usually trade in tandem with the GDX, therefore, watch for pullbacks when the GDX comes into its resistance level.