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| The Van Eck Global Market Vectors Gold Miners ETF (GDX) contains 30 gold stocks compared to the 16 companies in the AMEX Gold Bugs Index. GDX closed today right at the breakout from the March 2008 high - when gold first hit $1,000 per ounce. It is also close to the trend line from the panic lows of October 2008. We expect a nice bounce up here, but are not committing any money behind the idea. The overall equity markets are due for a significant correction, and gold mining stocks might not be exempt from a selloff. |
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