The gold miner ETF of GDX saw a
net December decline of -$3.31 (8.9%) to $33.91, dragged down by gold/silver, and the main market.
GDX, monthly
Summary
The collective of miners dug lower for a second consecutive month. I
would note the 10MA at $35.84, which was settled under, as the m/t bullish trend has been broken.
The ultimate concern should be if (or rather... when) the main market puts in a mid/long term top, gold/silver, and the related miners will be prone to being
dragged lower.
-
Four of the key miners...
Newmont (NEM)
Newmont fell for a third month, a net December decline of -$4.72 (11.2%) to $37.22. I
would note the monthly 10MA at $43.67, which was settled beneath. Monthly
momentum ticked lower for a third month, and is prone to turning negative by Feb'3rd.
--
Barrick Gold (GOLD)
Barrick fell for a fourth month, a net December decline of -$1.99 (11.4%) to $15.50. Momentum
ticked lower for a third month, and will likely turn negative as of January 2nd.
--
First Majestic Silver (AG)
First Majestic fell for a second month, a net December decline of -$0.62 (10.1%) to $5.49, on high vol' of 193M.
Momentum ticked a little lower, and prone to turning negative by early Feb'. The effective merger with Gatos Silver
(GATO) is due to be finalised within Q1 2025.
--
Pan American Silver (PAAS)
Pan American fell for a second month, a net December decline of -$1.75 (8.0%) to $20.22, on lower vol' of 56M.
Momentum ticked a little lower, if remaining on the moderately high side. December's candle is bearish engulfing, with an upper spike... reflective of tired miner bulls.
--
Of the four, yours truly favours NEM, which has less of a copper component than Barrick.
For more of the same...
Subscription details >>> https://www.tradingsunset.com
