TechFlow News: On March 29, approximately 95% of the constituent stocks in the Gold Miners ETF ($GDX) entered bear market territory—the highest proportion since 2023—registering a cumulative decline of 25% over the past four weeks. Analysts attribute this downturn primarily to a strengthening U.S. dollar, margin calls triggered by broader equity market declines leading to forced selling, and elevated mining operational costs driven by the Iran conflict. Nevertheless, spot gold prices remain near historic highs; this divergence between gold miners’ stock performance and gold prices has been interpreted by some investors as an extreme oversold signal, with the market broadly anticipating a strong rebound opportunity.
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