The gold miner ETF of GDX saw a
net October gain of +$0.52 (1.3%) to $40.34, helped by higher gold/silver, and a net positive main market.
GDX, monthly
Summary
The collective of miners were higher for the seventh month of eight, helped by gold/silver, and the net positive main market. I would note the 10MA at $34.50, which was settled above, as the m/t trend is bullish.
Thursday Oct'31st saw the miners all lower, largely pressured by the main equity market. The ultimate concern should be... if the main market is close to a m/t top, gold/silver, and the related miners will be prone to being dragged lower.
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Four of the key miners...
Newmont (NEM)
Newmont printed $58.72, but swung very powerfully lower, a net October decline of -$8.01 (15.0%) to $45.44. I
would note the monthly 10MA at $42.42, which was settled above. Monthly
momentum ticked back lower, and is on the high side. The monthly candle is bearish engulfing, and bodes net bearish for November.
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Barrick Gold (GOLD)
Barrick printed $21.35, but settled -$0.57 (2.9%) to $19.32. Momentum back lower, and is on the moderately high side. The second consecutive monthly close
under psy' $20 isn't great, and threatens some cooling to the 10MA in
the $17s. The monthly candle is bearish engulfing, and bodes net bearish for November.
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First Majestic Silver (AG)
A net October gain of +$1.38 (23.0%) to $7.38, on static vol' of
240M.
Momentum ticked a little higher, and is on the marginally positive side. The effective merger with Gatos Silver
(GATO) won't likely be finalised until Q1 2025.
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Pan American Silver (PAAS)
A net October gain of +$2.54 (12.2%) to $23.41, on static vol' of 75M. Momentum ticked a little higher, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($18s).
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.
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