Here’s Why Gold Miners Could Surge Another 35%

The most popular gold mining index is approaching a key technical level, and if it breaks through, the sky’s the limit.

It’s true, gold miners have already had an incredible year. But what many investors and analysts consider the most overheated sector might just be getting started.

As Gary Savage points out today:

Miners are in the process of breaking through the last resistance level. Once this is cleared they have an unimpeded shot to 380.

A run up to $380 would equate to a 35%+ gain from current levels. It may seem far-fetched, but when you consider the index sits at around half the price of its all-time highs, it seems downright plausible — at least from a technical standpoint.

Market Vectors Gold Miners ETF (NYSE:GDX) rose $0.38 (+1.23%) to $31.32 per share in Thursday afternoon trading. The largest gold mining ETF has gained a remarkable 128% since the start of 2016, versus a 6% return in the S&P 500 in the same period.

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