Miners resuming upward

The gold miner ETF of GDX saw a net November gain of +$10.90 (15.1%) to $82.96.

GDX, monthly 

 

Summary

The collective of miners printed a low of $68.20, if recovering to the highest ever monthly settlement. November's candle is bullish engulfing, and bodes distinctly positive into early 2026. Monthly momentum accelerated upward, and is on the very high side. Monthly RSI 81s remains overbought. 
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Four of the key miners...

Agnico Eagle Mines (AEM)

 

Agnico saw a net November gain of +$13.32 (8.2%) to $174.13. Monthly momentum ticked a touch higher, and is on the very high side. Vol' was considerably lower at 40.4M.
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Newmont (NEM) 

 

Newmont saw a net November gain of +$10.34 (12.8%) to $91.08. I would note the monthly 10MA at $64.38, which was settled above. Monthly momentum ticked a little higher, and is on the extremely high side. Vol' was considerably lower at 175M
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Barrick Mining (B)

 

Barrick saw a net November gain of +$8.86 (27.1%) to $41.52, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' declined to 352M
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Pan American Silver (PAAS)

 

Pan American Silver broke a new historic high of $45.97, with a net November gain of +$10.37 (29.6%) to $45.44. Volume was significantly less at 102M.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. 

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Miners turn lower

The gold miner ETF of GDX saw a net October decline of -$4.34 (5.7%) to $72.06.

GDX, monthly 

 

Summary

The collective of miners broke a new historic high of $85.08, but swung very powerfully lower to settle at $72.06. October's candle is very spiky on the upper side, reflective of tired bulls. Monthly RSI 77s remains overbought. 
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Four of the key miners...

Agnico Eagle Mines (AEM)

 

Agnico printed a new hist' high of $187.50, but reversing lower for a net October decline of -$7.75 (4.6%) to $160.81. Monthly momentum ticked a touch higher, and is on the very high side. Vol' was a little lower at 69.9M.
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Newmont (NEM) 

 

Newmont printed a new hist' high of $98.58, if reversing lower... for an October decline of -$3.34 (4.0%) to $80.97. I would note the monthly 10MA at $59.65, which was settled above. Monthly momentum ticked a little higher, and is on the extremely high side. Vol' increased to 286M
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Barrick Mining (B)

 

Barrick saw a net October gain of +3cents (0.1%) to $32.80, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' declined to 433M
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Pan American Silver (PAAS)

 
Pan American Silver broke a new historic high of $42.57, but saw a rather severe reversal... for a net October decline of -$3.52 (9.1%) to $35.21. Volume was marginally lower at 148M. Momentum has started to tick back lower. 
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. The two s/t concerns... gold and silver are s/t broken. Second... if the broader equity market sees a multi-week correction, the miners would likely struggle, even if gold and/or silver resume upward. 

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Miners powerfully strong

The gold miner ETF of GDX saw a net September gain of +$13.23 (20.9%) to $76.40.

GDX, monthly 

 

Summary

The collective of miners broke a new historic high of $77.18. I would note the 10MA at $50.15, which was settled above, as the m/t trend remains extremely bullish. Monthly RSI 84s... the most ever overbought. 
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Four of the key miners...

Agnico Eagle Mines (AEM)

 

Agnico printed a new hist' high of $169.38, with a September gain of +$24.79 (17.2%) to $168.56. Monthly momentum ticked upward, and is on the very high side. Vol' picked up to 72.9M.
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Newmont (NEM) 

 

Newmont printed a new hist' high of $87.93, with a September gain of +$10.16 (13.7%) to $84.31. I would note the monthly 10MA at $55.22, which was settled above. Monthly momentum ticked upward for a seventh month. Vol' increased to 263M

Sept'29th saw news that CEO Palmer will leave (as of Dec'31st 2025). 
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Barrick Mining (B)

 

Barrick saw a net September gain of +$6.14 (23.1%) to $32.77, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' picked up to 587M.

Sept'29th saw CEO Bristow leave (with immediate effect)... for reasons unknown. I don't see this as a mid/long term issue for Barrick, not least if Gold/silver/copper continue to broadly climb. 
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Pan American Silver (PAAS)

 

Pan American Silver broke a new historic high of $39.60, for a net September gain of +$4.81 (14.2%) to $38.73, on record vol' of 162M. Momentum ticked upward, and is on the high side.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. The only s/t concern is if the broader equity market sees a correction, the miners would likely struggle... even if gold and/or silver continue to climb.

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