BUZZ-Gold/Silver miners still outshine steel plays

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** Market Vectors Gold Miners ETF - Market Vectors Steel ETF spread continues to rise suggesting precious metals cos should keep outperforming more industrially sensitive metals and mining plays

** GDX-SLX spread has now improved to -$4.43 from a weekly closing low of -$28.46 in late 2013. Chart: http://reut.rs/1Ri1C58

** Spread trend now argues for further rise to zero and eventually back to, and above, the 2011 weekly closing high at $14.65

** Weekly close back under -$10.26, however, can see spread become more negative again and threaten at least -$18.50

** Indeed, Philadelphia Gold/Silver Index up 2 pct today remains a contrarian bull play on the charts as it bases above its Oct (HKSE: 3366-OL.HK - news) 2000 low at 41.61

** SLX, however, sinking to a new all-time low this week

** GDX top holdings end-of-Nov by pct TNA include GoldCorp (Swiss: G.SW - news) , Newmont Mining (Swiss: NEM.SW - news) and Barrick Gold Corp

** SLX top holdings include Rio Tinto PLC (LSE: RIO.L - news) , Vale SA and Tenaris (Amsterdam: TS6.AS - news) (Messaging: terence.gabriel.thomsonreuters.com@reuters.net)