Wednesday 31 August 2022

Miners still digging

The gold miner ETF of GDX saw a net August decline of -$2.47 (9.4%) to $23.80, the sector impacted by further downside in gold/silver, and a m/t bearish equity market.

GDX, monthly


Summary

The miners dug lower for a fifth consecutive month. I would note the 10MA at $31.04, which was settled below, as the m/t trend remains bearish. Monthly momentum is increasingly negative, with zero sign of a floor/turn.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net August decline of -$3.92 (8.7%) to $41.36, the lowest close since Dec'2019. I would note the monthly 10MA at $60.48, which was settled far below. Monthly momentum continues to spiral lower, settling deeply negative.

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Barrick Gold (GOLD), monthly

 


Barrick Gold fell for a fifth consecutive month, settling -$0.68 (4.4%) to $14.85, the lowest close since May 2019. Momentum is moderately negative.
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First Majestic Silver (AG), monthly

 


First Majestic saw a net August decline of $0.37 (4.9%) to $7.28. Silver $18s, and a m/t bearish main market, aren't helping.

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