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.
--
Of the two, yours truly favours GOLD - which it'd seem Buffett/Berkshire
would agree with, but both are tier'1 quality miners.
