Friday 29 July 2022

Month four down

The gold miner ETF of GDX saw a net July decline of -$1.11 (4.0%) to $26.27, the sector impacted by broadly weak gold/silver.

GDX, monthly


The miners saw a late July low of $24.38, if recovering to settle at $26.27. I would note the 10MA at $31.78, which was settled below, as the m/t trend remains bearish. Monthly momentum is increasingly negative, with zero sign of a floor/turn.

Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net July decline of -$14.39 (24.1%) to $45.28, the lowest close since March 2020! I would note the monthly 10MA at $61.61, which was settled far below. Monthly momentum spiraled lower, settling deeply negative.

Barrick Gold (GOLD), monthly


Barrick Gold fell for a fourth consecutive month, settling -$1.95 (11.0%) to $15.74, the lowest close since July 2019. Momentum is moderately negative.

First Majestic Silver (AG), monthly


First Majestic saw a net July gain of +$0.48 (6.7%) to $7.66. Silver's late month recovery to the $20s especially helped, along with a positive main market.

Of the three, yours truly favours NEM, if only as its (usually) more resilient than the sector. For more of the same...


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