The gold miner ETF of GDX saw a
net September gain of +$0.32 (1.3%) to $24.12, the sector was impacted by
further downside in gold, and a m/t bearish equity market.
GDX, monthly
Summary
Whilst the miners managed a net monthly gain, the m/t trend remains bearish. I
would note the 10MA at $30.33, which was once again settled below. Monthly momentum is increasingly negative, with zero
sign of a short/mid term floor.
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Three of the key miners...
Newmont (NEM), monthly
Newmont saw a net September gain of +$1.22 (3.0%) to $42.03. Despite the net monthly gain, I'd note we're still putting in lower highs and lower lows. I
would note the monthly 10MA at $58.60, which was settled far below. Monthly
momentum continues to spiral lower, settling deeply negative.
Barrick Gold (GOLD), monthly
Barrick Gold settled +$0.65 (4.4%)
to $15.50. Momentum continues to weaken, and is moderately negative.
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First Majestic Silver (AG), monthly
First Majestic saw a net September gain of $0.34 (4.7%) to $7.62. In the scheme of things, its a minor gain.
*Further main market downside, or dollar strength aren't going to help any of the gold and silver miners.
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