I’ll start by saying I am not bearish on miners; far from it. It’s pretty clear that miners – and, almost certainly, precious metals in general – reached their bottom in December. 2014 is probably going to be a great year for both. However, given the swiftness of the most recent ascent, I wouldn’t be surprised to see profit taking pushing things back, perhaps even down to as low as around $24 where GDX broke out in the first place. Longer-term, though, it’s poised for much higher prices.
