Tuesday 30 April 2024

Miners digging upward

The gold miner ETF of GDX saw a net April gain of +$1.51 (4.8%) to $33.13, helped by higher gold/silver.

GDX, monthly 

 


 Summary

The collective of miners were powerfully higher, very resilient to the broadly lower equity market. I would note the 10MA at $29.46, which was settled above. The 2023 high of $35.67, was briefly/marginally exceeded... with an April high of $35.74.

As ever, any main market downside would be a restraint to the mining stocks, as we saw into end month.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net April gain of +$4.80 (13.4%) to $40.64, on very high vol' of 327M. I would note the monthly 10MA at $37.58, which was settled above. Monthly momentum ticked back upward, due to turn positive in May. Soft target $43s, secondary 49/psy'50.
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Barrick Gold (GOLD), monthly

 


Settling precisely flat for April, at $16.64, on very high vol' of 665M. Momentum ticked upward, settling fractionally positive. Having printed $18.95 in April, next target are the $19s. 
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First Majestic Silver (AG), monthly

 


A net April gain of +$0.79 (13.4%) to $6.67, on very high vol' of 269M. Momentum ticked upward, settling fractionally positive. Big target are the $9.

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Of the three, yours truly favours NEM.
As of end April 2024... I hold a stock-option position in GOLD

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Thursday 28 March 2024

Miners playing catchup

The gold miner ETF of GDX saw a net March gain of +$5.26 (19.9%) to $31.62, helped by higher gold/silver.

GDX, monthly


 Summary

The collective of miners were very powerfully higher, out-performing the broader equity market. I would note the 10MA at $29.11, which was settled above.

Mining bulls should be seeking to take out the 2023 high of $35.67, which will arguably require Gold sustainably >$2100, Silver >$26.00, and Copper >$4.00.  

As ever, any main market downside would be a problem to the mining stocks. Right now though, the broader US market remains m/t bullish.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net March gain of +$4.83 (15.6%) to $35.84. I would note the monthly 10MA at $37.57, which was settled below. Monthly momentum ticked back upward, due to turn positive in May. Soft target $37s, secondary $43s. 
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Barrick Gold (GOLD), monthly


A net March gain of +$1.98 (13.5%) to $16.64. Momentum ticked back upward, turning fractionally positive. Soft target $17s, secondary $19s. 
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First Majestic Silver (AG), monthly


A net March gain of +$1.39 (31.1%) to $5.88. Momentum ticked back upward, turning fractionally positive. Big target are the $9s

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Of the three, yours truly favours NEM.
As of end March 2024... I hold a stock position in NEM and GOLD

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Thursday 29 February 2024

Miners under-performing

The gold miner ETF of GDX saw a net February decline of -$1.58 (5.6%) to $26.36, pressured by lower gold/silver.

GDX, monthly

 


Summary

The collective of miners were lower for a second consecutive month, once again under-performing the broader equity market. I would note the 10MA at $28.99, which was again settled beneath.

Mining bulls should be seeking to take out the 2023 high of $35.67, which will arguably require Gold sustainably >$2100, Silver >$26.00, and Copper >$4.00.  

As ever, any main market downside would be a problem to the mining stocks. Right now though, the broader US market is unquestionably m/t bullish.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net February decline of -$3.26 (9.4%) to $31.25. I would note the monthly 10MA at $38.33, which was settled beneath. Monthly momentum ticked lower for a second month, and is on the moderately low side.
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Barrick Gold (GOLD), monthly

 


A net February decline of -$0.83 (5.4%) to $14.66. Momentum ticked lower, turning fractionally negative.
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First Majestic Silver (AG), monthly

 


A net February decline of -$0.13 (2.8%) to $4.49. The February print of $4.17 is the lowest since March 2020... back when SPX was flooring at 2191.

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Of the three, yours truly favours NEM.
As of end February 2024... I hold a stock position in NEM, GOLD, AG

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