Friday 31 March 2023

Miners higher with Gold & Silver

The gold miner ETF of GDX saw a net March gain of +$4.84 (17.6%) to $32.35, largely due to a major upside reversal in gold and silver.

GDX, monthly



The collective of gold/silver miners climbed for the sixth month of seven. I would note the 10MA at $27.27, which was decisively settled above. Monthly momentum has turned positive.

Any renewed downside in the main market will be a 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... even if gold/silver are net higher.

Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net March gain of +$5.82 (13.5%) to $49.02. I would note the monthly 10MA at $46.18, which was settled above. Monthly momentum ticked upward, but remains negative.

Barrick Gold (GOLD), monthly


A net March gain of +$2.45 (15.2%) to $18.57. I'd especially note the upside reversal is from around the key 10MA. Momentum ticked upward, and is due to turn positive as of April 3rd.

First Majestic Silver (AG), monthly


A net March gain of +$1.12 (18.3%) to $7.21. The gain is impressive, considering the drop to $5.53 on news of a mine being closed. A fourth consecutive settlement below the 10MA.

Of the three, yours truly favours Newmont, as it has less exposure to copper than Barrick.
As of end March 2023... I hold no miner stocks/options.

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