The gold miner ETF of GDX ended the month on a moderately weak note,
settling -21cents (0.5%) to $39.16, and that made for a
net September decline of -$3.11 (7.4%). Despite further cooling, the miners remain long term bullish with Gold and Silver.
GDX, monthly
GDX, daily
Summary
A second consecutive net monthly decline for the gold miners. The s/t outlook is bearish to the $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 September decline of -$3.57 (5.3%) to $63.45. S/t bearish with the sector, and I would note the monthly 10MA in the $55s. More broadly, still m/t
bullish to giant psy'100.
Barrick Gold (GOLD), monthly
A net September decline of -$1.54 (5.2%) to $28.91. S/t bearish with the sector, and I would note the monthly 10MA in the $23s. More broadly, still m/t bullish, with
soft target of the
$37s. New historic highs >50.11, will arguably 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.
