Rolypr129
Oct 6, 8:48 PM
$GDX GDXU +2.13% means GDX was up about 0.71% today. Basically the same as gold's 0.72%. That's a beta of ~1.0×.
The typical range this fall has been 1.2–1.6× on up days. So miners just matched the metal instead of leveraging it.
What it tells you: gold bounced, but equity buyers didn't chase it. On a genuine turn — the kind Garner is calling — you'd want miners leading, at 1.5× or better. Today they followed.
Not a bad sign, just not a confirming one. One day of 1× doesn't mean much on its own.
The thing to watch over the next few sessions: if gold keeps rising and beta climbs back toward 1.5×+, the bounce is getting sponsorship. If miners keep lagging at 1× or less, the rally is thin and more likely to fail at
$4,300–4,400.
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