Gold continues down. GDX near important long term support at 40 (2-year chart). FCX which mines a variety of metals including copper has outperformed (chart). Another advantage of FCX is tighter spreads on the options. They are different, with FCX looking like the stronger play at the moment, but neither looks compelling at the moment.
Lately, support levels sometimes have meant little to nothing in terms of slowing or stopping downside momentum. Yous pays your money, yous takes your chances.
Positions: Long BRK.B, hedged long HON, AXP
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