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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