Saturday, 1 May 2021

Miners climb for a second month

The gold miner ETF of GDX saw a net April gain of +$1.86 (5.7%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing well.

GDX, monthly

 


Summary

April was another mixed month for the gold and silver miners, with GDX printing $36.83, but cooling back to settle at $34.36. The s/t outlook is bullish to the $37s. I would note the 10MA at $36.40. Things turn decisive above psy' $40

Two of the key miners...

Barrick Gold (GOLD), monthly

 


A net April gain of +$1.45 (7.3%) to $21.25. Monthly momentum continued to weaken, and remains on the moderately negative side. Short term bullish, but currently still m/t bearish. The more cautious will wait to chase with a break and hold above the 10MA at $24.00.
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First Majestic Silver (AG), monthly 

A net April decline of -$0.49 (3.1%) to $15.09. Momentum ticked lower, but remains on the moderately positive side. I would note the 10MA at $13.62. For now, still short/mid term bullish.

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Of the two, yours truly favours GOLD. As of end April, I hold both.

Wednesday, 31 March 2021

Miners fairing well

The gold miner ETF of GDX saw a net March gain of +$1.37 (4.4%). Multi-month price structure remains a valid (if overly long) bull flag. Relative to gold and silver, the miners are fairing well.

GDX, monthly

 


Summary

March was a mixed month for the gold and silver miners, with GDX printing $30.64, but rebounding to settle at $32.50. The s/t outlook is mixed. Things turn interesting >34s, and to be decisive >psy' $40

Three of the key miners...

Newmont (NEM), monthly 

 
A net March gain of  +$6.42 (11.9%) to $60.27, which was just shy of the monthly 10MA at $60.88. Momentum ticked lower, and is fractionally negative. 
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Barrick Gold (GOLD), monthly

 


The first net monthly gain since Aug'2020, settling +$1.13 (6.0%) to $19.80, which was a fifth monthly settlement under the monthly 10MA. Momentum ticked lower, is on the moderately low side.
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Pan American Silver (PAAS), monthly

 


A net March decline of -$2.99 (9.1%) to $30.03, as February's black candle played out. Monthly momentum is set to turn negative in April.
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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.

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.