With gold and silver still consolidating the large year-to-date gains, look at what just happened in the gold market for the first time in 3 years.
From Jason Goepfert at SentimenTrader: More than $600 million has flowed into gold miners over the past week. The GDX fund has taken in that much, exceeding any other one-week period in three years (see chart below)…
Goepfert continues: There is not always a good correlation between ETF fund flows and past (or future) performance, but generally, the flows follow price action and extremes tend to be contrary indicators, suggesting this is a negative for GDX. Its history is mixed in that regard but it’s a bit disturbing since the fund has struggled this time of year.
King World News note: For those who are wondering about fund flows into GDXJ, you can see the flows of money on the 3-year chart below.
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