Saturday, 30 January 2021

Miners struggling with gold

The gold miner ETF of GDX saw a net January decline of -$1.51 (4.2%). Multi-month price structure remains a valid bull flag, as the miners are still mid term bullish with Gold and Silver.

GDX, monthly

 


Summary

January was a mixed month for the gold and silver miners, with GDX printing $39.01, but cooling back to settle at $34.51. The s/t outlook is mixed. If the $33s don't hold, its open air to the $30s. More broadly, having long since cleared the 2016 high, m/t bullish to 50/52, with secondary target of the 2011 historic high of $62.70.

Three of the key miners...

Newmont (NEM), monthly 

 
A net January decline of -29cents (0.5%) to $59.60. S/t vulnerable with the sector. I would note the monthly 10MA in the $61s.
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Barrick Gold (GOLD), monthly

 


A fifth consecutive net monthly decline, settling -$0.41 (1.8%) to $22.37, which was a third monthly settlement under the monthly 10MA. Still m/t bullish, with soft target of the $31s, and secondary of the $36s. New historic highs >$49.63, will clearly require Gold to the $2400/2500 zone.
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Pan American Silver (PAAS), monthly

 

 

A net January decline of -$2.05 (5.9%) to $32.46. I would note another spike from around the monthly 10MA, currently in the $31s. Still m/t bullish, with soft target of the $39s, and secondary of psy'50. The latter will arguably require silver to at least the 35/37 zone.

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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.      

Friday, 1 January 2021

Miners positive for 2020

The gold miner ETF of GDX saw a net December gain of +$1.52 (4.4%), which made for a net yearly gain of +23.7%, as the miners remain mid term bullish with Gold and Silver.

GDX, monthly

 


Summary

December was a somewhat mixed month for the gold/silver miners, with GDX printing $34.08, but recovering to the low $36s. The s/t outlook is bullish to test soft resistance of the $38s. More broadly, having long since cleared the 2016 high, m/t bullish to 50/52, with secondary target of the 2011 historic high of $62.70.

Three of the key miners...

Newmont (NEM), monthly 

A net December gain of +$1.46 (2.5%) to $59.89. S/t bullish with the sector, and I would note the monthly 10MA in the $57s. With a net yearly gain of +40.3%, m/t bullish to giant psy'100.
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Barrick Gold (GOLD), monthly

 


A fourth consecutive net monthly decline, settling -$0.36 (1.6%) to $22.78, which was a second monthly settlement under the monthly 10MA. A net yearly gain of +24.1%, as multi-month price structure remains a bull flag. Still m/t bullish, with soft target of the $31s, and secondary of the $36s. New historic highs >$49.63, will clearly require Gold at least to $2400/2500.
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Pan American Silver (PAAS), monthly


A net December gain of +$4.98 (16.9%) to $34.51. S/t bullish with the sector. I would note the double spike from around the monthly 10MA, currently in the $29s. With a net yearly gain of +46.8%, m/t bullish, with soft target of the $39s, and secondary of psy'50. The latter would arguably require silver to 35/37.

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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.      

Sunday, 1 November 2020

Miners cool for a third month

The gold miner ETF of GDX ended the month on a significantly positive note, settling +54cents (1.5%) to $37.49, but that still made for a net October decline of -$1.67 (4.3%). Despite a third month of cooling, the miners remain long term bullish with Gold and Silver.

GDX, monthly

 


GDX, daily

 


Summary

A third consecutive net monthly decline for the gold miners, pressured by a weak main market, higher bond yields, and the dollar. The s/t outlook is bearish to the $34/33s, where the 200dma and monthly 10MA are lurking. More broadly, having already cleared the 2016 high, m/t bullish to 50/52, with secondary target of the 2011 $63s.

Key miners...

Newmont (NEM), monthly

 


A net October decline of -$0.61 (1.0%) to $62.84. S/t bearish with the sector, and I would note the monthly 10MA in the $57s. More broadly, still m/t bullish to giant psy'100.

Barrick Gold (GOLD), monthly

 


A net October decline of -$1.38 (4.9%) to $26.73. S/t bearish with the sector, and I would note the monthly 10MA in the $24s. More broadly, still m/t bullish, with soft target of the $37s. New historic highs >49.83, will require Gold 2400/2500.
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Of the two, yours truly favours GOLD - which it'd seem Buffett/Berkshire would agree with, but both are tier'1 quality miners.