The precious metals of Gold and Silver saw net August declines of -$26.90 (2.2%) to $1206.70, and -$1.12 (7.2%) to $14.44 respectively. Mid term outlook offers further downside, not least if the USD resumes upward to the DXY 100 threshold.
Suffice to add, it was a pretty dire month for the precious metals. Gold fell for a fifth consecutive month, seeing a low of $1167.10. Next support is the Dec'2016 low of $1124.30. Silver cooled for a third month, settling at $14.44, the lowest monthly close since Jan'2016.
Frankly... the m/t outlook has to be bearish, not least as King dollar remains broadly strong. Legacy gold target of 900/875 looks viable in 2019. Each rate hike will raise the carrying costs for gold, and we should see two rate hikes in Sept' and Dec'.
Clearly, if gold/silver remain weak into 2019, the related mining stocks will be dragged lower. The monthly close for the ETF of GDX is certainly reflective of m/t weakness in gold/silver.