The gold miner ETF of GDX saw a net May gain of +$1.64 (3.3%) to
$50.65.
GDX, monthly
Summary
The collective of miners climbed for a fifth consecutive month. GDX printed $45.10, but settling at $50.65, the highest monthly settlement since Nov'2011. I
would note the 10MA at $41.28, which was settled above, as the m/t trend remains bullish.
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Four of the key miners...
Newmont (NEM)
Newmont saw a May gain of +$0.29 (0.5%) to $52.72. I would note the monthly 10MA at $46.57, which was settled above. Monthly momentum ticked upward for a third month. Vol' was lower, if still a heavy 255M
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Barrick Mining (B)
Barrick saw a net May gain of +$0.22 (1.2%) to $19.16. Momentum ticked a little higher, and remains marginally positive.
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First Majestic Silver (AG)
First Majestic Silver settled -$0.09 (1.4%) to
$6.17, on record vol' of 456M. I'd keep in mind that volume has been so much higher because of the recent merger with Gatos Silver. Momentum continues to flat-line on the marginally positive side.
--
Pan American Silver (PAAS)
Pan American Silver saw a net May decline of -$0.68 (2.7%) to $24.39, on higher vol' of 126M. Momentum ticking lower, if remaining on the moderately high side.
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Of
the four, yours truly favours Newmont, which has less of a copper
component than Barrick. However, the concern should be the main market.
If the broader equity market is net lower into October, the miners will
struggle... even if gold continues to climb.
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