Miners higher with gold

The gold miner ETF of GDX saw a net September gain of +$1.20 (3.1%) to $39.82, helped by higher gold/silver, and a positive main market. 

GDX, monthly 

Summary

The collective of miners were higher for the sixth month of seven, helped by gold/silver, and the positive main market. I would note the 10MA at $33.57, which was settled above, as the m/t trend is bullish.

Four of the key miners...

Newmont (NEM) 

Newmont climbed for a seventh consecutive month, a net September gain of +$0.32 (0.6%) to $53.45. I would note the monthly 10MA at $41.94, which was settled above. Monthly momentum ticked upward, and is on the high side. The Jan'2023 $56s have been tested. From there... the $65s. 
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Barrick Gold (GOLD)  

Barrick lagged the sector, settling -$0.30 (1.5%) to $19.89. Momentum ticked upward, and is on the moderately high side. The monthly close under psy' $20 isn't so great, and threatens some cooling to the 10MA in the $17s.
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First Majestic Silver (AG) 

A net September gain of +$0.41 (7.3%) to $6.00, on very high vol' of 240M. Momentum is flat-lining on the marginally positive side. Things only turn interesting >$7.00.  News: an effective merger with Gatos Silver (GATO), although that won't likely be finalised until Q1 2025.

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Pan American Silver (PAAS)

A net September gain of +$0.67 (3.3%) to $20.88, on static vol' of 75M. Momentum ticked lower for a second month, if remaining on the moderately high side. Big target are the April 2022 $28s. That bullish outlook would be dropped with any monthly close under the key 10MA ($18s).
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

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Five of six

The gold miner ETF of GDX saw a net August gain of +$0.70 (1.8%) to $38.62, especially helped by higher gold.

GDX, monthly 

Summary

The collective of miners were higher for the fifth month of six, helped by gold, and the positive main market. I would note the 10MA at $32.66, which was settled above, as the m/t trend is bullish.

Four of the key miners...

Newmont (NEM) 

Newmont climbed for a sixth consecutive month, a net August gain of +$4.32 (8.8%) to $53.39. I would note the monthly 10MA at $40.74, which was settled above. Monthly momentum ticked upward, and is increasingly positive. Next resistance are the Jan'2023 $56s.
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Barrick Gold (GOLD)  

Barrick settled +$1.75 (9.5%) to $18.53. Momentum is increasingly positive. The monthly close >psy' $20 is decisive, and offers the March 2020 $24s.
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First Majestic Silver (AG) 

A net August decline of -$0.58 (9.5%) to $5.59, on higher vol' of 145M. Momentum ticked a touch lower, if remaining marginally positive. Things only turn interesting >$7.00

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Pan American Silver (PAAS)

 

A net August decline of -$2.69 (11.7%) to $20.21, on higher vol' of 77M. Momentum ticked back a little, and remains on the moderately high side. Big target are the April 2022 $28s
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

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Higher high, higher low

The gold miner ETF of GDX saw a net July gain of +$3.99 (11.8%) to $37.92, especially helped by higher gold.

GDX, monthly 

Summary

The collective of miners were powerfully higher, helped by gold, and the positive main market.
I would note the 10MA at $31.56, which was settled above.

Four of the key miners...

Newmont (NEM) 

Newmont saw a net July gain of +$7.20 (17.2%) to $49.07. I would note the monthly 10MA at $39.06, which was settled above. Monthly momentum ticked upward, and is increasingly positive. Next resistance is psy' $50, and then the Jan'2023 $56s.
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Barrick Gold (GOLD)  

Barrick settled +$1.85 (11.1%) to $18.53. Momentum is ticking upward, if remaining fractionally positive. Things turn interesting with a monthly close >psy' $20.
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First Majestic Silver (AG) 

 
A net July gain of +$0.26 (4.4%) to $6.18, on higher vol' of 108M. Momentum is flat-lining, if remaining marginally positive. Big target are the $9s, and then the $18s. 

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Pan American Silver (PAAS)

 

A net July gain of +$3.13 (15.7%) to $23.01, on lower vol' of 73M. Momentum ticked upward, and is on the moderately high side. Big target are the $28s
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

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Miners cooling back

The gold miner ETF of GDX saw a net June decline of -$1.37 (3.9%) to $33.93, pressured by lower gold/silver.

GDX, monthly 

Summary

The collective of miners were powerfully lower, mostly pressured by silver.
A more lousy performance, relative to the main market.
I would note the 10MA at $30.41, which was still settled above.
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Four of the key miners...

Newmont (NEM) 

 

Newmont saw a net June gain of +$0.18 (0.4%) to $41.87. I would note the monthly 10MA at $37.76, which was settled above. Monthly momentum ticked upward, and is increasingly positive. Soft target are the $47s, with secondary of the $49s/psy'50.
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Barrick Gold (GOLD)  

Barrick settled -41cents (0.4%) to $16.68. Momentum is flat-lining, if remaining fractionally positive. Soft target are the $19s. 
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First Majestic Silver (AG) 

 

A net June decline of -$1.24 (17.3%) to $5.92, on lower vol' of 99M. Momentum ticked back lower, if remaining marginally positive. Big target are the $9s, and then the $18s. 

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Pan American Silver (PAAS)

 

A net June decline of -$2.12 (9.6%) to $19.88, on lower vol' of 77M. Momentum ticked upward, and is on the moderately positive side. Big target are the $28s
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.
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Silver miners leading

The gold miner ETF of GDX saw a net May gain of +$2.24 (6.7%) to $35.37, helped by higher gold/silver, and a positive equity market.

GDX, monthly 

Summary

The collective of miners were powerfully higher for a third consecutive month. I would note the 10MA at $29.91, which was settled above. The 2023 high of $35.67, was briefly/marginally exceeded... with a May high of $37.47.
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Four of the key miners...

Newmont (NEM)

Newmont saw a net May gain of +$1.31 (3.2%) to $41.95. I would note the monthly 10MA at $37.61, which was settled above. Monthly momentum ticked upward, and has turned positive. Soft target $47s, secondary 49/psy'50.
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Barrick Gold (GOLD)

 

Barrick settled +54cents (0.3%) to $17.08. Momentum ticked upward, and remains fractionally positive. Soft target are the $19s. 
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First Majestic Silver (AG)

 

A net May gain of +$0.50 (7.5%) to $7.16, on high vol' of 176M. Momentum ticked upward, settling marginally positive. Big target are the $9s, and then the $18s. 

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Pan American Silver (PAAS)

 

A net May gain of +$3.66 (20.0%) to $22.02, on very high vol' of 114M. Momentum ticked upward, settling moderately positive. Big target are the $28s
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Of the four, yours truly favours AG.
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Miners digging upward

The gold miner ETF of GDX saw a net April gain of +$1.51 (4.8%) to $33.13, helped by higher gold/silver.

GDX, monthly 

 

 Summary

The collective of miners were powerfully higher, very resilient to the broadly lower equity market. I would note the 10MA at $29.46, which was settled above. The 2023 high of $35.67, was briefly/marginally exceeded... with an April high of $35.74.

As ever, any main market downside would be a restraint to the mining stocks, as we saw into end month.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net April gain of +$4.80 (13.4%) to $40.64, on very high vol' of 327M. I would note the monthly 10MA at $37.58, which was settled above. Monthly momentum ticked back upward, due to turn positive in May. Soft target $43s, secondary 49/psy'50.
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Barrick Gold (GOLD), monthly

 

Settling precisely flat for April, at $16.64, on very high vol' of 665M. Momentum ticked upward, settling fractionally positive. Having printed $18.95 in April, next target are the $19s. 
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First Majestic Silver (AG), monthly

 

A net April gain of +$0.79 (13.4%) to $6.67, on very high vol' of 269M. Momentum ticked upward, settling fractionally positive. Big target are the $9.

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Of the three, yours truly favours NEM.
As of end April 2024... I hold a stock-option position in GOLD

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Miners playing catchup

The gold miner ETF of GDX saw a net March gain of +$5.26 (19.9%) to $31.62, helped by higher gold/silver.

GDX, monthly

 Summary

The collective of miners were very powerfully higher, out-performing the broader equity market. I would note the 10MA at $29.11, which was settled above.

Mining bulls should be seeking to take out the 2023 high of $35.67, which will arguably require Gold sustainably >$2100, Silver >$26.00, and Copper >$4.00.  

As ever, any main market downside would be a problem to the mining stocks. Right now though, the broader US market remains m/t bullish.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net March gain of +$4.83 (15.6%) to $35.84. I would note the monthly 10MA at $37.57, which was settled below. Monthly momentum ticked back upward, due to turn positive in May. Soft target $37s, secondary $43s. 
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Barrick Gold (GOLD), monthly

A net March gain of +$1.98 (13.5%) to $16.64. Momentum ticked back upward, turning fractionally positive. Soft target $17s, secondary $19s. 
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First Majestic Silver (AG), monthly

A net March gain of +$1.39 (31.1%) to $5.88. Momentum ticked back upward, turning fractionally positive. Big target are the $9s

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Of the three, yours truly favours NEM.
As of end March 2024... I hold a stock position in NEM and GOLD

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Miners under-performing

The gold miner ETF of GDX saw a net February decline of -$1.58 (5.6%) to $26.36, pressured by lower gold/silver.

GDX, monthly

 

Summary

The collective of miners were lower for a second consecutive month, once again under-performing the broader equity market. I would note the 10MA at $28.99, which was again settled beneath.

Mining bulls should be seeking to take out the 2023 high of $35.67, which will arguably require Gold sustainably >$2100, Silver >$26.00, and Copper >$4.00.  

As ever, any main market downside would be a problem to the mining stocks. Right now though, the broader US market is unquestionably m/t bullish.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net February decline of -$3.26 (9.4%) to $31.25. I would note the monthly 10MA at $38.33, which was settled beneath. Monthly momentum ticked lower for a second month, and is on the moderately low side.
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Barrick Gold (GOLD), monthly

 

A net February decline of -$0.83 (5.4%) to $14.66. Momentum ticked lower, turning fractionally negative.
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First Majestic Silver (AG), monthly

 

A net February decline of -$0.13 (2.8%) to $4.49. The February print of $4.17 is the lowest since March 2020... back when SPX was flooring at 2191.

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Of the three, yours truly favours NEM.
As of end February 2024... I hold a stock position in NEM, GOLD, AG

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Miners dig down

The gold miner ETF of GDX saw a net January decline of -$3.07 (9.9%) to $27.94, pressured by lower gold/silver.

GDX, monthly

 

Summary

The collective of miners began the year on a rough note. I would note the 10MA at $29.66, which was settled beneath.

Mining bulls should be seeking to take out the 2023 high of $35.67, which will arguably require Gold sustainably >$2100, Silver >$26.00, and Copper >$4.00.  

As ever, any main market downside would be a problem to the mining stocks. Right now though, the broader US market is unquestionably m/t bullish.
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Three of the key miners...

Newmont (NEM), monthly 

Newmont saw a net January decline of -$6.88 (16.6%) to $34.51. I would note the monthly 10MA at $39.80, which was settled beneath. Monthly momentum ticked back lower, but still looks prone to turning positive, if no earlier than March.
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Barrick Gold (GOLD), monthly

 

A net January decline of -$2.49 (13.8%) to $15.60. Momentum ticked lower, if remaining fractionally positive.
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First Majestic Silver (AG), monthly

 

A net January decline of -$1.53 (24.9%) to $4.62. I would note the January settlement is back below the 10MA, with monthly momentum fractionally negative. The silver miners are (as is usually the case) fairing worse than the gold miners.

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Of the three, yours truly favours GOLD.
As of end January 2024... I hold a stock position in NEM, GOLD, AG

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