The gold miner ETF of GDX saw a
net December gain of +$1.52 (4.4%), which made for a net yearly gain of +23.7%, as
the miners remain mid term bullish with Gold and Silver.
GDX, monthly
Summary
December was a somewhat mixed month for the gold/silver miners, with GDX printing $34.08, but recovering to the low $36s. The s/t outlook is bullish to test soft resistance of the $38s. 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 December gain of +$1.46 (2.5%) to $59.89. S/t bullish with the
sector, and I would note the monthly 10MA in the $57s. With a net yearly gain of +40.3%, m/t
bullish to giant psy'100.
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Barrick Gold (GOLD), monthly
A fourth consecutive net monthly decline, settling -$0.36 (1.6%) to $22.78, which was a second monthly settlement under the monthly 10MA. A net yearly gain of +24.1%, as multi-month price structure remains a bull flag. Still m/t bullish, with soft target of the $31s, and secondary of the $36s. New historic highs >$49.63, will clearly require Gold at least to $2400/2500.
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Pan American Silver (PAAS), monthly
A net December gain of +$4.98 (16.9%) to $34.51. S/t bullish with the sector. I would note the double spike from around the monthly 10MA, currently in the $29s. With a net yearly gain of +46.8%, m/t bullish, with soft target of the $39s, and secondary of psy'50. The latter would arguably require silver to 35/37.
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Of the three, yours truly favours GOLD, but all three are tier'1 quality miners.
