GDX Gold Mining ETF does Record Upside Volume Today

The GDX today traded 23.3 million shares in volume which is an all time record.  Granted the GDX ETF has not been trading for 10 years, but I still think this is a significant fact today given how slow everything else is these days.

The GDX also blew out the swing highs from 29th May 2009 to June 2nd on record advancing volume.  That is a huge positive signal that the levels that were reached today will eventually be exceeded even if we do pull back down hard tomorrow and early next week.

I haven’t really written too much about individual gold stocks here at BestOnlineTrades but soon I think it is high time I start doing so.  There are plenty of gold stocks that trade between 2 to 10 dollars that may be outstanding buys right now.

One of the reasons I have been reluctant to mention them is because they tend to have really labored trading for long periods of time.  Yes they do get big sprints upwards, but they do not seem to last too long and big retracements usually follow.

But once in a great while I think they can really buck that trend and trade persistently higher and move in almost vertical fashion.  I am not saying that is going to happen right now, but it is at least a good possibility once things get past the ‘warm up stage’ in the gold price advance.

Posted in Commodity ETF, Gold Market, Gold Mining Stocks
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