The gold miner ETF of GDX saw a
net October gain of +$0.04 (0.2%) to $24.16, the sector was impacted by
further downside in gold, and a m/t bearish equity market.
GDX, monthly
Summary
Whilst the miners managed a second consecutive net monthly gain, the m/t trend remains bearish. I
would note the 10MA at $29.54, which was once again settled below. Monthly momentum remains strongly negative.
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Three of the key miners...
Newmont (NEM), monthly
Newmont saw a net October gain of +$0.29 (0.7%) to $42.32. I
would note the monthly 10MA at $56.80, which was settled far below.
Monthly
momentum continues to spiral lower, and is deeply negative.
Barrick Gold (GOLD), monthly
Barrick Gold settled -$0.47 (3.0%)
to $15.03. Momentum remains moderately negative.
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First Majestic Silver (AG), monthly
First Majestic saw a net October gain of $0.81 (10.6%) to $8.43.
*Further main market downside, or dollar strength aren't going to help any of the gold and silver miners.
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