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Is the Relative Strength in Gold Miners to Gold Significant?

by Jordan Roy-Byrne, CMT
The Daily Gold

It has been a tough spring and summer for precious metals. Gold failed to breakout when it had the chance and it closed the second quarter in ominous and weak fashion. It was the lowest monthly close in more than a year. Silver has performed better but only because it has not declined to the degree Gold has. The one technical positive for the sector is the positive divergence in the miners. They did not make new lows in the second quarter. That is encouraging but only time will tell us how sustainable and significant that might be.

As the chart below shows, the gold stocks held up quite well as Gold broke below its spring low (around $1300/oz). Gold declined 5.5% in the second quarter yet both GDX and GDXJ gained 1.5% and 1.7% respectively (while the HUI was down marginally).

Continue Reading at TheDailyGold.com…

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