Trade Tracker: Bill Baruch trims the CEF and GDX ETFs

Summary

Bill Baruch of Blue Line Capital explains he trimmed the GDX gold miners ETF and the CEF gold/silver ETF after a tremendous run in metals, citing building froth, silver margin hikes, commodity fund rebalancing, and a likely near-term consolidation. He remains constructive on copper and says his commodity fund bought copper futures, pointing to a widening supply deficit, AI-driven demand, and support near 570. He still likes metals broadly but is rebalancing gold/silver to raise cash for later in January.

• Bill Baruch trimmed GDX and CEF after a big run in gold, silver, and miners.
• He sees froth in precious metals/miners and expects a one-to-three-week consolidation.
• He cites CME and Shanghai silver margin hikes and commodity fund rebalancing.
• Miner cash flow remains strong, but he is locking in profits and raising cash.
• He remains bullish on copper and bought copper futures.
• Copper thesis includes supply deficits, AI demand, and support near 570.
• He notes tariff fears are widening the US copper versus LME copper spread.
• He still likes metals broadly and wants to be on offense later in January.