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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