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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New historic high

The gold miner ETF of GDX saw a net August gain of +$11.53 (22.3%) to $63.17.

GDX, monthly 

Summary

The collective of miners broke a new historic high of $63.23. I would note the 10MA at $46.23, which was settled above, as the m/t trend remains bullish. Monthly RSI 79s... the most ever overbought. 
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico printed a new hist' high of $144.78, with an August gain of +$19.81 (15.9%) to $144.17. Monthly momentum ticked back upward, and is on the very high side. Vol' was a little lower at 49.8M.
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Newmont (NEM) 

Newmont saw an August gain of +$12.30 (19.8%) to $74.40. I would note the monthly 10MA at $51.10, which was settled above. Monthly momentum ticked upward for a sixth month. Vol' declined a to 176M.
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Barrick Mining (B)

Barrick saw a net August gain of +$5.63 (26.8%) to $26.63, the highest monthly settlement since December 2012. Momentum accelerated upward, and is on the high side. Vol' picked up to 332M.
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Pan American Silver (PAAS)

Pan American Silver saw a net August gain of +$7.00 (26.0%) to $33.92, on lower vol' of 93M. Momentum ticked back upward, if remaining 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 primary concern should be if the broader equity market is net lower across Sept-Oct', the miners will struggle... even if gold and/or silver continue to climb.

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