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The Market Vectors Gold Miners ETF (GDX) attempts to replicate as closely as possible the price and yield performance of the Amex Gold Miners Index.
GDX is in a bull market with both the long-term support line and the 200-day moving average at near $40. Although this is a volatile performer, bouncing 10 points between the high and low of its bull channel, the volatility gives us a second chance to buy this stock at a good price.
The near-term target is just above $50 where it could encounter some resistance. But for those who are seeking a longer-term investment in a gold substitute, GDX might fit the bill with a $75 long-term target.
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