Gold Miners GDX Tumbled 5.36%

Monday registered a hard-asset unwind. Precious-metals weakness set the tone.

China and defensives led, Korea weakness deepened

Movers

Leaders: China Large Cap FXI +0.62% (3M: +7.8%), Healthcare XLV +0.33% (3M: +7.0%)

Laggards: South Korea EWY -1.92% (3M: -7.0%), Copper Miners COPX -1.69% (3M: +12.6%)

3M Leaderboard

Strong: Energy XLE +16.6%, Copper Miners COPX +12.6%, Taiwan EWT +7.9%

Weak: Utilities XLU -14.1%, S&P SmallCap Growth SLYG -8.1%, Industrials XLI -7.4%

Defensive bond exposure held up, duration lagged

Movers

Leaders: Short TIPS VTIP -0.20% (3M: -0.9%), Global Bonds BNDX -0.21% (3M: -2.8%)

Laggards: EM Sovereign Bonds EMB -0.91% (3M: -4.4%), Long Treasuries TLT -0.88% (3M: -9.1%)

3M Leaderboard

Strong: Short TIPS VTIP -0.9%, Short Corporate VCSH -1.4%, High Yield HYG -1.6%

Weak: Long Treasuries TLT -9.1%, Muni Bonds MUB -5.8%, Investment Grade Credit LQD -5.5%

Precious metals slumped, alternatives and biotech led

Movers

Leaders: Biotechnology IBB +0.45% (3M: +11.0%), Managed Futures DBMF +0.37% (3M: +7.4%)

Laggards: Gold Miners GDX -5.36% (3M: +16.1%), Gold GLD -3.94% (3M: +2.5%)

3M Leaderboard

Strong: Ethereum Trust ETHA +64.6%, Bitcoin Trust IBIT +38.1%, Gold Miners GDX +16.1%

Weak: Clean Energy ICLN -15.4%, Infrastructure PAVE -9.4%, Real Estate VNQ -6.9%

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Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.