The gold miner ETF of GDX saw a
net January gain of +$3.36 (11.7%) to $32.02, especially helped with Gold printing the $1950s.
GDX, monthly
Summary
The collective of gold/silver miners climbed for a fifth consecutive month. I would note the 10MA at $27.85, which was decisively settled above.
Whilst the miners outperformed the main market, unless you believe the main market has a key
m/t floor from early Oct' 2022, any renewed downside will be a major downward pressure
on the miners. It doesn't necessarily mean they will be net lower, but
it does mean they would be restrained to a considerable degree.
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Three of the key miners...
Newmont (NEM), monthly
Newmont saw a net January gain of +$5.73 (12.1%) to $52.93. I
would note the monthly 10MA in the $50s, which was settled above for the first time since May 2022. Monthly
momentum remains negative, and I'd note the March 2020 spike low
of $30.11.
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Barrick Gold (GOLD), monthly
A net January gain of +$2.37 (13.8%) to $19.55. Momentum is due to positive at the Feb'1st open. Next resistance is around $21.00.
--
First Majestic Silver (AG), monthly
A net January decline of -$0.45 (5.4%) to $7.89. A second consecutive settlement below the 10MA, as the silver miners are massively under-performing the gold miners.
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Of the three, yours truly favours GOLD.
As of end January 2023... I hold no miner stocks/options.
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