The gold miner ETF of GDX saw a
net May gain of +$2.24 (6.7%) to $35.37, helped by higher gold/silver, and a positive equity market.
GDX, monthly
Summary
The collective of miners were powerfully higher for a third consecutive month. I
would note the 10MA at $29.91, which was settled above. The 2023 high
of $35.67, was briefly/marginally exceeded... with a May high of
$37.47.
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Four of the key miners...
Newmont (NEM)
Newmont saw a net May gain of +$1.31 (3.2%) to $41.95. I
would note the monthly 10MA at $37.61, which was settled above. Monthly
momentum ticked upward, and has turned positive. Soft target $47s, secondary 49/psy'50.
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Barrick Gold (GOLD)
Barrick settled +54cents (0.3%) to $17.08. Momentum ticked upward, and remains fractionally positive. Soft target are the $19s.
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First Majestic Silver (AG)
A net May gain of +$0.50 (7.5%) to $7.16, on high vol' of 176M. Momentum ticked upward, settling marginally positive. Big target are the $9s, and then the $18s.
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Pan American Silver (PAAS)
A net May gain of +$3.66 (20.0%) to $22.02, on very high vol' of 114M. Momentum ticked upward, settling moderately positive. Big target
are the $28s
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Of the four, yours truly favours AG.
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