Monday 31 October 2022

A trivial gain

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



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.

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.

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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