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The portfolio of GDX includes such gold mining majors as: Barrick Gold Corp (NYSE:ABX), Goldcorp Inc (NYSE: GG), Newmont Mining Corp (NYSE:NEM).

02 Nov 2012

NEW YORK (Commodity Online): Market Vectors Gold Miners ETF (AMEX:GDX) hasn’t come out with a superlative performance in October having fallen from $53.69 at September last to $52 on November 1. However, ETF Channel reported that last week there was a higher inflow of $120.4 mn representing a week on week rise of 1.2% in outstanding units (from 192,052,500 to 194,402,500).

The portfolio of GDX includes such gold mining majors as: Barrick Gold Corp (NYSE:ABX), Goldcorp Inc (NYSE: GG), Newmont Mining Corp (NYSE:NEM).

GDX is more or less in a sideways trend having support near $50 levels and RSI of 50 denotes indecisiveness of market to move bullish or bearish for the time being, according to Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online.

GDX is also exhibiting the fundamental weakness in its portfolio and generally with respect to gold, he added.


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