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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