Saturday 29 June 2019

Miners soaring with Gold

The gold miner ETF of GDX ended the month on a positive note, settling +23cents (0.9%) at $25.56, and that resulted in a net monthly gain of 18.4%. With Gold breaking and hold above the $1400 threshold, the m/t term outlook is extremely bullish.

GDX monthly

GDX, daily


A fourth net monthly gain of six months for the gold miners.

With Gold breaking above the decisive $1400 threshold, the related miners are naturally following.

After a choppy few years, it would seem the time for gold and the miners is now.

The two biggest components of GDX...

Newmont Goldcorp, monthly

NEM climbed for the 7th month 9, settling +16.7% to $48.37, a decisive settlement above declining trend/resistance. M/t bullish, soft target 50/51s.

Barrick Gold, monthly

GOLD settled +$3.35 (27.0%) to $15.77. Soft target are the $21s.

Both miners are unquestionably superb, and comprise 11.9% and 10.4% of the ETF of GDX respectively.