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
Summary
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.
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Three of the key miners...
Newmont (NEM), monthly
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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.
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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.
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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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