As you may have noted, GDX has been caught in higher than normal volatility moves, both in terms of MF and price.
I believe that we should be long and start building on pull-backs a longer-term position.
I will continue to work on an analysis of the correlation between Oil/Interest rates, Gold price and the moves in GDX.
This work will take about 10 to 15 days. In the meantime, the GDX model will be staying in cash.
Pascal
