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.
--
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.
--
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.
--
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).
--
Of the four, yours truly favours NEM, which has less of a copper component than Barrick.
For more of the same...
Subscription offers >>> https://www.tradingsunset.com
