Friday 28 April 2023

Miners digging upward

The gold miner ETF of GDX saw a net April gain of +$1.23 (3.8%) to $33.58, largely due to further upside in gold and silver.

GDX, monthly


The collective of gold/silver miners climbed for the seventh month of eight. I would note the 10MA at $27.94, which was once again settled above. Monthly momentum is increasingly positive.

The only concern is that any renewed downside in the main market would 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 April decline of -$1.62 (3.3%) to $47.40. I would note the monthly 10MA at $45.16, which was settled above. Monthly momentum ticked upward, but remains negative.

Barrick Gold (GOLD), monthly


A net April gain of +$0.47 (2.5%) to $19.04. I'd note the April candle is spiky on the upper side from key price threshold. Momentum has turned fractionally positive.

First Majestic Silver (AG), monthly

A net April decline of +$0.15 (2.1%) to $7.06. The performance is lousy, relative to both the sector and main market. A fifth consecutive settlement below the 10MA.

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

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