The gold miner ETF of GDX saw a net September gain of +$13.23 (20.9%) to
$76.40.
GDX, monthly
Summary
The collective of miners broke a new historic high of $77.18. I
would note the 10MA at $50.15, which was settled above, as the m/t
trend remains extremely bullish. Monthly RSI 84s... the most ever overbought.
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Four of the key miners...
Agnico Eagle Mines (AEM)
Agnico printed a new hist' high of $169.38, with a September gain of +$24.79 (17.2%) to $168.56. Monthly momentum ticked upward, and is on the very high side. Vol' picked up to 72.9M.
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Newmont (NEM)
Newmont printed a new hist' high of $87.93, with a September gain of +$10.16 (13.7%) to $84.31. I would note the monthly 10MA at $55.22, which was settled above. Monthly momentum ticked upward for a seventh month. Vol' increased to 263M
Sept'29th saw news that CEO Palmer will leave (as of Dec'31st 2025).
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Barrick Mining (B)
Barrick saw a net September gain of +$6.14 (23.1%) to $32.77, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' picked up to 587M.
Sept'29th saw CEO Bristow leave (with immediate effect)... for reasons unknown. I don't see this as a mid/long term issue for Barrick, not least if Gold/silver/copper continue to broadly climb.
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Pan American Silver (PAAS)
Pan American Silver broke a new historic high of $39.60, for a net September gain of +$4.81 (14.2%) to $38.73, on record vol' of 162M. Momentum ticked upward, and is on the high side.
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Of
the four, yours truly favours Agnico Eagle Mines, which has been the
sector leader for over a year. The only s/t concern is if the broader
equity market sees a correction, the miners would likely struggle... even if gold and/or silver continue to climb.
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