The gold miner ETF of GDX saw a net October decline of -$4.34 (5.7%) to
$72.06.
GDX, monthly
Summary
The collective of miners broke a new historic high of $85.08, but swung very powerfully lower to settle at $72.06. October's candle is very spiky on the upper side, reflective of tired bulls. Monthly RSI 77s remains overbought.
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Four of the key miners...
Agnico Eagle Mines (AEM)
Agnico printed a new hist' high of $187.50, but reversing lower for a net October decline of -$7.75 (4.6%) to $160.81. Monthly momentum ticked a touch higher, and is on the very high side. Vol' was a little lower at 69.9M.
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Newmont (NEM)
Newmont printed a new hist' high of $98.58, if reversing lower... for an October decline of -$3.34 (4.0%) to $80.97. I
would note the monthly 10MA at $59.65, which was settled above. Monthly
momentum ticked a little higher, and is on the extremely high side. Vol' increased to 286M
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Barrick Mining (B)
Barrick saw a net October gain of +3cents (0.1%) to $32.80, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' declined to 433M
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Pan American Silver (PAAS)
Pan American Silver broke a new historic high of $42.57, but saw a rather severe reversal... for a net October decline of -$3.52 (9.1%) to $35.21. Volume was marginally lower at 148M. Momentum has started to tick back lower.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. The two s/t concerns... gold and silver are s/t broken. Second... if the broader equity market sees a multi-week correction, the miners would likely struggle, even if gold and/or silver resume upward.
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