Gold Stk ETF/SPY Ratio Chart/At Resistance *PIC*

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The major Gold stock ETF:GDX/major S&P ETF:SPY Ratio chart is bumping up against its downtrendline resistance once again and backing off. For the Gold stocks (that tend to lead Gold) this downtrendline needs to be cleared to expect the uptrend in precious metals to resume. Historically precious metals and related markets tend to sellofff into a summer low from June to July and even as late as August before resuming its uptrend. Often the low in these 3 months track sideways and often have a double bottom low by July/Aug.

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