Gold miners are some of the best performing assets of 2014. Not all gold miners are up big but I believe the laggards will join the leaders once gold breaks out definitively. Gold mining ETFs are at the top of the ETF ranks this year. If you plot GDX or GDXJ against SPY on a relative basis a key technical event is unfolding. Gold miners are starting to hold the 50 day moving average on this relative chart and the 50 day is tightening with the 200 day moving average. This is a very bullish formation and a break above the 200 day moving average would confirm leadership in the stock market for the gold stocks.
