Friday 31 July 2020

Miners powering upward

The gold miner ETF of GDX ended the month on a very positive note, settling +$1.31 (3.1%) to $42.94, and that made for a net July gain of +$6.26 (17.1%). The miners are long term bullish with Gold and Silver.

GDX, monthly

GDX, daily


A fourth consecutive net monthly gain for the gold miners, with a July high of $44.46 - the highest since Dec'20212. 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 July gain of +$7.46 (12.1%) to $69.20, having broken a new historic high of $70.30. M/t bullish to giant psy'100, which is viable before year end.

Barrick Gold (GOLD), monthly

A net July gain of +$1.97 (7.3%) to $28.91, having printed $30.20, the highest since Feb'2013. M/t bullish, with soft target of the $37s. New historic highs >50.11, will arguably require Gold to the 2400/2500 zone.
Of the two, yours truly favours GOLD, but both are tier'1 quality miners.