The gold miner ETF of GDX saw a net July decline of -$0.42 (0.8%) to
$51.64
GDX, monthly
Summary
The collective of miners broke a new multi-year high of $54.78, if cooling back to settle at $51.64. I
would note the 10MA at $43.90, which was settled above, as the m/t
trend remains bullish.
-
Four of the key miners...
Agnico Eagle Mines (AEM)
Agnico printed a new hist' high of $129.77, with a July gain of +$5.43 (4.6%) to $124.46. Monthly
momentum ticked lower for a second month, but remains on the very high side. Vol' was a little lower at 54M.
--
Newmont (NEM)
Newmont saw a July gain of +$3.84 (6.6%) to $62.10. I
would note the monthly 10MA at $48.12, which was settled above. Monthly
momentum ticked upward for a fifth month. Vol' picked up a little to 274M.
--
Barrick Mining (B)
Barrick saw a net July gain of +$0.30 (1.4%) to $21.12, the highest monthly settlement since March 2022. Momentum
ticked a little higher, and is moderately positive. Vol' was a considerably lighter 222M
--
Pan American Silver (PAAS)
Pan American Silver printed a new cycle high of $31.03, but saw a net July decline of -$1.38 (4.9%) to
$27.02, on lower vol' of 103M. Momentum ticked back lower, if remaining on the
moderately high
side.
--
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 into October, the miners will
struggle... even if gold and/or silver continue to climb.
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