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.
--
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.
--
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.
--
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.
--
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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