Gold mining stocks — as represented by the Market Vectors Gold Miners ETF (NYSEARCA:GDX) — have seen beyond lousy performance year-to-date. However, the recent price action of both gold mining stocks and gold itself might be a sign of better times ahead.

With broader commodity deflation still well intact, particularly in the energy space, I am paying close attention to anything showing relative strength here. Gold mining stocks have done just that over the past few days after showing capitulatory signs for the past few weeks.

$GDX $GLD

Read my full analysis HERE

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