Gold Miners Historically Oversold as China Flagged as Top Earnings Risk
92% of stocks in the gold miners ETF $GDX are below their 50-day moving average — the highest since late July and a historically extreme reading. BofA's Hartnett simultaneously names China as the biggest risk to global earnings.
What we know
An account on X reports ~92% of $GDX stocks are now below their 50-DMA, up 80 percentage points in just 21 sessions — an extreme oversold condition that historically has marked tactical bottoms in miners. This comes alongside another account on X covering Hartnett's note that China's export flood is now the #1 risk to global corporate earnings, adding macro pressure to commodity plays. Another account on X adds that gold itself is down 7.5% YTD, the worst performance for the metal in years.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.