The gold miner ETF of GDX saw a
net November decline of -$2.68 (6.6%) to $37.66, dragged down by lower gold/silver.
GDX, monthly
Summary
The collective of miners saw the first monthly decline since June. I would note the 10MA at $35.47, which was settled above, as the m/t trend remains bullish.
The ultimate concern is if the main market puts in a m/t top, gold/silver, and the related miners will be prone to being
dragged lower. For now... there is ZERO sign of that.
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Four of the key miners...
Newmont (NEM)
Newmont saw a net November
decline of -$3.23 (7.1%) to $41.94. I
would note the monthly 10MA at $43.00, which was settled beneath. Monthly
momentum ticked lower for a second month, if still on the positive side. October's bearish engulfing candle played out.
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Barrick Gold (GOLD)
Barrick settled -$1.72 (8.9%) to $17.49. Momentum
ticked lower for a second month, and might turn negative in January. The third consecutive
monthly close
under psy' $20 is a concern. October's bearish engulfing candle played out.
--
First Majestic Silver (AG)
A net November decline of -$1.26 (17.1%) to $6.11, on high vol' of
204M.
Momentum ticked a little lower, and is on the marginally positive side. The effective merger with Gatos Silver
(GATO) won't likely be finalised until Q1 2025.
--
Pan American Silver (PAAS)
A net November decline of -$1.33 (5.7%) to $21.97, on static vol' of 78M. Momentum ticked a little lower, 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 ($19s).
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.
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