Is the Storm Over?

Despite massive bearish media hysteria, the gold mining shares ETF traded record volume today, closing up 7.5%.

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The highly liquid Gold Miners ETF (GDX) posted its highest daily volume in history during today’s monster 7.5% rally:

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If today’s market action is any indication, gold bears may have overstayed their welcome. Look for further upside in precious metals and mining shares early next week, then we will have to see how the market interprets the June employment report on July 5th, and the usual resulting Fed voodoo.