The Elliott Wave analysis for the VanEck Gold Miners ETF (GDX) shows a strong bullish trend since December 30, 2024. This rally forms a “nesting impulse” pattern with smaller waves building into an extended third wave.
Gold ETFs saw an inflow of 226.5 metric tons worth $21.1 billion in the first quarter, representing the largest quarterly inflow in three years in the first quarter.
Wall Street ended the week on a strong note, with major indices posting their best weekly performance in years, as traders appeared confident that the escalation in the U.S.-China trade war — which led to triple-digit tariff increases on both sides — would be resolved in the near term.
U.S. sanctions and Trump’s tariffs are forcing global central banks to ditch U.S. treasuries for gold, the dollar is entering a structural decline, and a coming economic slowdown could pull the S&P 500 down to the low 4,000s.
Tariffs might be just a trigger that ushers in a raft of pending bad news. The longer this goes on, the deeper the hole those in control dig for the rest of us. Stay away from the edge; the deep hole is fast becoming a bottomless pit.
We are revisiting a long-term cycle that we began tracking several years ago. This cycle has been elongated for the same reasons as other cycles/trends over the past couple of years.
Among ETFs with over $1 billion in assets, three funds are leading the pack when it comes to returns in 2025. Precious metals are what they have in common.
