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What you are looking at is the GDX/GLD ratio.

It’s a relative strength ratio that compares the performance of the GDX gold mining stock ETF with that of the GLD gold ETF. It goes up when the mining stocks outperform gold and down when they do worse than gold.

That ratio went down in the second half of October as gold prices made a high just below $2800 an ounce and pulled back down near $2550.

Now the ratio went up a little in November, and is going up and down in a sideways pattern, to show us that the mining stocks are starting to stabilize relative to the metal.

They typically do that towards the end of gold price corrections, but this ratio still looks like it is likely to go sideways a bit more.

It suggests that an inflection point is probably coming for the mining stocks and gold before this month is over.

I’m eyeing the next FOMC meeting for a likely pivot point date.

-Mike

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