Fair Value Stocks

Miners cooling back

2026-09-30T22:35:34.395+01:00

The gold miner ETF of GDX was powerfully lower in September, -$10.71 (10.9%) to $87.80.

GDX, monthly

Summary

A high of $101.71, but cooling back to settle in the $87s. Monthly momentum ticked back lower, and remains marginally negative. S/t bearish with gold/silver, and the main market. H/S target 79/78s.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico was powerfully lower, settling -$19.39 (9.6%) to $183.27. Monthly momentum ticked back lower, and remains moderately negative. Vol' was a considerably lower 41M
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Newmont (NEM)

Newmont saw a net September decline of +$10.46 (8.3%) to $115.34. Monthly momentum ticked back lower. Vol' was marginally lower at 144M
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Barrick Mining (B)

Barrick Mining settled -$4.16 (9.3%) to $40.67. Momentum ticked back lower, and is due to turn negative as of Oct'1st. Vol' declined to 180M
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Pan American Silver (PAAS)

Pan American Silver saw a net September decline of -$6.41 (12.3%) to $45.51. Momentum has turned negative. Next big support is around $35.Volume declined to 72M
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Of the four, yours truly favours Newmont. The cautious will arguably be on the sidelines, and hoping for a main market washout before the midterms, which would likely see the metals/miners cool back... if briefly.

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Powerfully rebounding miners

2026-08-31T22:30:49.587+01:00

The gold miner ETF of GDX was massively higher in August, +$24.41 (32.9%) to $98.51.

GDX, monthly

Summary

A high of $105.67, but cooling back to settle in the $98s. Monthly momentum ticked back upward, due to turn positive as of Sept'1st.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico was massively higher settling +$57.84 (39.8%) to $203.11. Monthly momentum has started to tick back upward. Vol' increased to 75M
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Newmont (NEM)

Newmont saw a net August gain of +$32.35 (34.5%) to $126.06. New historic high of $135.29, which is very impressive, considering gold is around $1000 below the January high. Monthly momentum ticked back upward. Vol' was marginally higher at 171M
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Barrick Mining (B)

Barrick Mining settled +$8.24 (22.5%) to $36.73. Momentum has started to tick back upward. Vol' increased to 255M
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Pan American Silver (PAAS)

Pan American Silver saw a net August gain of +$8.96 (20.9%) to $51.92. A second monthly close under the 10MA. Next big support is around $35. Momentum weakened for a sixth month, settling fractionally positive. Volume increased to 111M
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Of the four, yours truly favours Newmont. The cautious will arguably be on the sidelines, and hoping for a main market washout before the midterms, which would likely see the metals/miners cool back... if briefly.
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Lower highs, lower lows

2026-07-31T23:30:08.799+01:00

The gold miner ETF of GDX was lower for the fourth month of five, -$1.35 (1.8%) to $74.10.

GDX, monthly

Summary

A high of $80.18, but cooling back to settle in the low $74s. A second monthly close under the 10MA. Next big support is around $58. Monthly momentum weakened for a fifth month, and is sustainably negative. RSI has cooled to the 55s.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico fell for a fifth consecutive month, settling -$9.86 (6.4%) to $145.27. Next big support is around $100. Monthly momentum weakened for a fifth month, and is sustainably negative. Vol' declined to 55M
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Newmont (NEM)

Newmont saw a net July gain of +31cents (0.3%) to $93.71. A second monthly close under the 10MA. Next big support is around $76. Monthly momentum weakened for a fifth month, and due to turn negative in August. Vol' declined to 161M
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Barrick Mining (B)

Barrick Mining settled u/c at $36.73. A second monthly close under the 10MA. Next big support is around $27. Momentum weakened for a fifth month, and due to turn negative in August. Vol' declined to 174M
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Pan American Silver (PAAS)

Pan American Silver saw a net July decline of -$1.68 (3.7%) to $43.11. A second monthly close under the 10MA. Next big support is around $35. Momentum weakened for a fifth month, and prone to turning negative in August. Volume declined to 84M
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Of the four, yours truly favours Newmont, but the monthly charts offer zero sign of a floor/turn. Arguably, even the bold will be sitting back, and waiting for a cyclical turn, which will likely be some months away.

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Miners resume digging

2026-06-30T23:45:18.869+01:00

The gold miner ETF of GDX saw a net June decline of -$14.04 (15.7%) to $74.45.

GDX, monthly

Summary

The third monthly decline of four. A low of $73.63, but recovering to settle in the mid $75s. A decisive monthly close under the 10MA. Next big support is around $58. Monthly momentum weakened for a fourth month, and will turn negative as of July 1st. RSI has cooled to the 55s.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico fell for a fourth consecutive month, settling -$27.57 (15.1%) to $155.14. A decisive monthly close under the 10MA. Next big support is around $100. Monthly momentum weakened for a fourth month, turning fractionally negative. Vol' picked up to 65M.
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Newmont (NEM)

Newmont declined for the third month of four, a net June decline of -$16.41 (14.9%) to $93.40. A decisive monthly close under the 10MA. Next big support is around $76. Monthly momentum weakened for a fourth month, and might turn negative in July. Vol' picked up to 193M
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Barrick Mining (B)

Barrick Mining saw a net June decline of -$5.82 (13.7%) to $36.73. A decisive monthly close under the 10MA. Next big support is around $27. Momentum weakened for a fourth month, and due to turn negative in July. Vol' was a little lower at 263M
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Pan American Silver (PAAS)

Pan American Silver saw a net June decline of -$12.20 (21.4%) to $44.79. A decisive monthly close under the 10MA. Next big support is around $35. Momentum weakened for a fourth month, and prone to turning negative in July. Volume picked up to 107M.
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Of the four, yours truly favours Newmont, but the monthly charts offer zero sign of a floor/turn. Arguably, even the bold will be sitting back, and waiting for a cyclical turn, which will likely be some months away.

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Miners leveling out

2026-05-29T22:17:06.767+01:00

The gold miner ETF of GDX saw a net May gain of +$1.20 (1.4%) to $89.49.

GDX, monthly

Summary

A low of $83.32, but recovering to settle in the mid $89s. Monthly momentum weakened for a third month. The May candle is rather spiky on the lower side, from the 10MA. RSI has cooled to the 65s.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico fell for a third month, settling -$5.06 (2.7%) to $183.15. Monthly momentum weakened for a third month. Vol' was u/c at 44M.
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Newmont (NEM)

Newmont saw a net May decline of -$1.02 (0.9%) to $108.25. April's black candle played out. Monthly momentum weakened for a third month. Vol' declined to 141M
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Barrick Mining (B)

Barrick Mining saw a net May gain of +$3.38 (8.6%) to $39.34. Momentum weakened for a third month. Vol' picked up to 269M
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Pan American Silver (PAAS)

Pan American Silver saw a net May gain of -$4.87 (9.3%) to $52.29. Momentum weakened for a third month. Volume picked up to 105M.
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Of the four, yours truly favours Newmont. If gold has floored (as of Thurs', May 28th) from the daily 200MA, then the related gold/silver miners are all valid targets at this time and price.

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Miners still digging

2026-04-30T23:35:00.001+01:00

The gold miner ETF of GDX declined for a second consecutive month, to settle -$3.48 (3.8%) to $88.29.

GDX, monthly

Summary

A bounce to $102.39, but resuming lower to settle in the $88s, as the March bearish engulfing candle played out. Monthly momentum weakened for a second month. RSI has cooled to the 64s.

Considering the SPX was +10.4% in April, the miners performed even worse.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico fell for a second month, settling -$14.77 (7,3%) to $188.21. Monthly momentum weakened for a second month. Vol' declined to 44M.
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Newmont (NEM)

Newmont saw a net April gain of +$2.84 (2.6%) to $108.25. The monthly candle is black, and leans bearish for May. Monthly momentum weakened for a second month. Vol' declined to 168M
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Barrick Mining (B)

Barrick Mining saw a net April decline of -$1.45 (3.5%) to $39.34. Momentum weakened for a second month. Vol' declined to 223M
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Pan American Silver (PAAS)

Pan American Silver saw a net April decline of -$2.34 (4.3%) to $52.29. Momentum weakened for a second month. Volume was cut in half to 95M.
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Of the four, yours truly favours Newmont. However, gold, silver, and the miners are short/mid term broken. Based on the monthly candles, even the bold will leave them alone at this time.

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Monstrous reversal

2026-03-31T23:04:00.001+01:00

The gold miner ETF of GDX saw a monstrous downside reversal, swinging from a new hist' high of $117.18, to settle -$24.07 (20.8%) to $91.77.

GDX, monthly

Summary

A new hist' high of $117s, but imploding to the $78s, and settling in the $91s. Monthly momentum has rolled over. RSI has cooled to the 67s.

Most notable of all... the March candle is bearish engulfing, and bodes distinctly s/t bearish for April, and perhaps some months.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico broke a new hist' high of $255.24, if cooling back for a net March decline of -$48.17 (19.2%) to $202.98. Monthly momentum has rolled over. Vol' picked up to 69M.
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Newmont (NEM)

Newmont saw a net March decline of -$21.49 (16.6%) to $108.25. The monthly candle is bearish engulfing. Monthly momentum rolled over. Vol' picked up to 266M
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Barrick Mining (B)

Barrick Mining saw a net March decline of -$9.95 (19.6%) to $40.79. The monthly candle is bearish engulfing. Momentum rolled over. Vol' was a little higher at 338M
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Pan American Silver (PAAS)

Pan American Silver saw a net March decline of -$13.89 (20.3%) to $54.63. Momentum rolled over. Volume was a historic 189M.
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Of the four, yours truly favours Newmont. However, gold, silver, and the miners are short/mid term broken. Based on the monthly candles, even the bold will leave them alone at this time.

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Powerful and profitable miners

2026-02-28T00:52:00.001+00:00

The gold miner ETF of GDX broke a new historic high, with a net February gain of +$21.64 (23.0%) to $115.84.

GDX, monthly

Summary

A very positive end to the month, breaking a new historic high of $115.99. Monthly momentum accelerated upward, and is on the extremely high side. Monthly RSI 89s remains very overbought.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico broke a new hist' high of $252.78, if cooling back for a net February gain of +$61.10 (32.1%) to $251.60. Monthly momentum accelerated upward, and is on the very high side. Vol' was a reduced 49.7M.
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Newmont (NEM)

Newmont saw a net February gain of +$17.65 (15.7%) to $130.00. Monthly momentum ticked higher, and is on the extremely high side. Vol' was a pretty standard 183M
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Barrick Mining (B)

Barrick Mining saw a net February gain of +$5.33 (11.7%) to $50.74. Momentum is on the very high side. Vol' was a little lower at 321M
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Pan American Silver (PAAS)

Pan American Silver saw a net February gain of +$14.10 (25.8%) to $68.60. Volume remained a high 159M.
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Of the four, yours truly favours Newmont.

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Wild month for the miners

2026-01-30T22:59:00.000+00:00

The gold miner ETF of GDX saw a net January gain of +$8.43 (9.8%) to $94.20.

GDX, monthly

Summary

The collective of miners printed a new historic high of $113.50, if spiraling back to settle at $94.20. January's candle is very spiky on the upper side, and threatens further cooling in early February. Monthly momentum ticked upward, and is on the very high side. Monthly RSI 85s remains overbought.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico broke a new hist' high of $225.00, if cooling back for a net January gain of +$20.97 (12.4%) to $190.50. Monthly momentum ticked a touch upward, and is on the very high side. Vol' picked up to 60.2M.
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Newmont (NEM)

Newmont broke a new hist' high of $134.88, if cooling back for a net January gain of +$12.50 (12.5%) to $112.35. Monthly momentum ticked a little higher, and is on the extremely high side. Vol' was a pretty standard 205M
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Barrick Mining (B)

Barrick Mining broke a new hist' high of $54.69, if cooling back for a net January gain of +$2.24 (5.1%) to $45.79. Momentum is on the very high side. Vol' was a little higher at 325M
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Pan American Silver (PAAS)

Pan American Silver printed a new hist' high of $69.99, if cooling back for a net January gain of +$2.79 (5.4%) to $54.60. Volume was a historic 186M.
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Of the four, yours truly favours Newmont.

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A year for the miners

2026-01-01T21:44:00.003+00:00

The gold miner ETF of GDX saw a net December gain of +$3.14 (3.8%) to $85.77. For the year, GDX was net higher by a monstrous $52.10 (+154.8%).

GDX, monthly

Summary

The collective of miners printed a new historic high of $91.67, if cooling back to $85.77 December's candle is rather spiky on the upper side, and threatens some cooling in early 2026. Monthly momentum ticked upward, and is on the very high side. Monthly RSI 82s remains overbought.

For the year, GDX was net higher by a monstrous +154.8%, helped by powerful upside in gold, silver, and further helped by the positive equity market.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico saw a net December decline of -$4.50 (2.6%) to $169.53. Monthly momentum ticked a touch lower, and is on the very high side. Vol' picked up to 53.3M.
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Newmont (NEM)

Newmont saw a net December gain of +$9.12 (10.0%) to $99.85. Monthly momentum ticked a little higher, and is on the extremely high side. Vol' was a pretty standard 191M
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Barrick Mining (B)

Barrick saw a net December gain of +$2.21 (5.3%) to $43.55. Momentum is on the very high side. Vol' further declined to 264M
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Pan American Silver (PAAS)

Pan American Silver saw a net December gain of +$6.14 (13.4%) to $51.81. Volume remained a high 146M
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year.
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Miners resuming upward

2025-11-28T19:23:00.001+00:00

The gold miner ETF of GDX saw a net November gain of +$10.90 (15.1%) to $82.96.

GDX, monthly

Summary

The collective of miners printed a low of $68.20, if recovering to the highest ever monthly settlement. November's candle is bullish engulfing, and bodes distinctly positive into early 2026. Monthly momentum accelerated upward, and is on the very high side. Monthly RSI 81s remains overbought.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico saw a net November gain of +$13.32 (8.2%) to $174.13. Monthly momentum ticked a touch higher, and is on the very high side. Vol' was considerably lower at 40.4M.
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Newmont (NEM)

Newmont saw a net November gain of +$10.34 (12.8%) to $91.08. I would note the monthly 10MA at $64.38, which was settled above. Monthly momentum ticked a little higher, and is on the extremely high side. Vol' was considerably lower at 175M
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Barrick Mining (B)

Barrick saw a net November gain of +$8.86 (27.1%) to $41.52, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' declined to 352M
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Pan American Silver (PAAS)

Pan American Silver broke a new historic high of $45.97, with a net November gain of +$10.37 (29.6%) to $45.44. Volume was significantly less at 102M.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year.

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Miners turn lower

2025-10-31T21:14:00.001+00:00

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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Miners powerfully strong

2025-09-30T23:09:00.000+01:00

The gold miner ETF of GDX saw a net September gain of +$13.23 (20.9%) to $76.40.

GDX, monthly

Summary

The collective of miners broke a new historic high of $77.18. I would note the 10MA at $50.15, which was settled above, as the m/t trend remains extremely bullish. Monthly RSI 84s... the most ever overbought.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico printed a new hist' high of $169.38, with a September gain of +$24.79 (17.2%) to $168.56. Monthly momentum ticked upward, and is on the very high side. Vol' picked up to 72.9M.
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Newmont (NEM)

Newmont printed a new hist' high of $87.93, with a September gain of +$10.16 (13.7%) to $84.31. I would note the monthly 10MA at $55.22, which was settled above. Monthly momentum ticked upward for a seventh month. Vol' increased to 263M

Sept'29th saw news that CEO Palmer will leave (as of Dec'31st 2025).
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Barrick Mining (B)

Barrick saw a net September gain of +$6.14 (23.1%) to $32.77, the highest monthly settlement since September 2012. Momentum is on the very high side. Vol' picked up to 587M.

Sept'29th saw CEO Bristow leave (with immediate effect)... for reasons unknown. I don't see this as a mid/long term issue for Barrick, not least if Gold/silver/copper continue to broadly climb.
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Pan American Silver (PAAS)

Pan American Silver broke a new historic high of $39.60, for a net September gain of +$4.81 (14.2%) to $38.73, on record vol' of 162M. Momentum ticked upward, and is on the high side.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. The only s/t concern is if the broader equity market sees a correction, the miners would likely struggle... even if gold and/or silver continue to climb.

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New historic high

2025-08-29T22:23:00.000+01:00

The gold miner ETF of GDX saw a net August gain of +$11.53 (22.3%) to $63.17.

GDX, monthly

Summary

The collective of miners broke a new historic high of $63.23. I would note the 10MA at $46.23, which was settled above, as the m/t trend remains bullish. Monthly RSI 79s... the most ever overbought.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico printed a new hist' high of $144.78, with an August gain of +$19.81 (15.9%) to $144.17. Monthly momentum ticked back upward, and is on the very high side. Vol' was a little lower at 49.8M.
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Newmont (NEM)

Newmont saw an August gain of +$12.30 (19.8%) to $74.40. I would note the monthly 10MA at $51.10, which was settled above. Monthly momentum ticked upward for a sixth month. Vol' declined a to 176M.
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Barrick Mining (B)

Barrick saw a net August gain of +$5.63 (26.8%) to $26.63, the highest monthly settlement since December 2012. Momentum accelerated upward, and is on the high side. Vol' picked up to 332M.
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Pan American Silver (PAAS)

Pan American Silver saw a net August gain of +$7.00 (26.0%) to $33.92, on lower vol' of 93M. Momentum ticked back upward, if remaining on the high side.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. The primary concern should be if the broader equity market is net lower across Sept-Oct', the miners will struggle... even if gold and/or silver continue to climb.

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Choppy month for the miners

2025-07-31T22:59:00.001+01:00

The gold miner ETF of GDX saw a net July decline of -$0.42 (0.8%) to $51.64

GDX, monthly

Summary

The collective of miners broke a new multi-year high of $54.78, if cooling back to settle at $51.64. I would note the 10MA at $43.90, which was settled above, as the m/t trend remains bullish.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico printed a new hist' high of $129.77, with a July gain of +$5.43 (4.6%) to $124.46. Monthly momentum ticked lower for a second month, but remains on the very high side. Vol' was a little lower at 54M.
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Newmont (NEM)

Newmont saw a July gain of +$3.84 (6.6%) to $62.10. I would note the monthly 10MA at $48.12, which was settled above. Monthly momentum ticked upward for a fifth month. Vol' picked up a little to 274M.
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Barrick Mining (B)

Barrick saw a net July gain of +$0.30 (1.4%) to $21.12, the highest monthly settlement since March 2022. Momentum ticked a little higher, and is moderately positive. Vol' was a considerably lighter 222M
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Pan American Silver (PAAS)

Pan American Silver printed a new cycle high of $31.03, but saw a net July decline of -$1.38 (4.9%) to $27.02, on lower vol' of 103M. Momentum ticked back lower, if remaining on the moderately high side.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader for over a year. The primary concern should be if the broader equity market is net lower into October, the miners will struggle... even if gold and/or silver continue to climb.

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Half a year of upside

2025-06-30T23:35:00.002+01:00

The gold miner ETF of GDX saw a net June gain of +$1.41 (2.8%) to $52.06

GDX, monthly

Summary

The collective of miners climbed for a sixth consecutive month. GDX printing $54.70 - the highest since Nov'2011, if cooling to settle at $52.06. I would note the 10MA at $42.67, which was settled above, as the m/t trend remains bullish.
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Four of the key miners...

Agnico Eagle Mines (AEM)

Agnico printed a new hist' high of $126.65, with a June gain of +$0.94 (0.8%) to $118.93. Monthly momentum ticked back lower, but remains on the very high side. Vol' was lower at 57M.
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Newmont (NEM)

Newmont saw a June gain of +$5.54 (10.5%) to $58.26. I would note the monthly 10MA at $47.17, which was settled above. Monthly momentum ticked upward for a fourth month. Vol' remained elevated at 254M.
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Barrick Mining (B)

Barrick saw a net June gain of +$1.66 (8.7%) to $20.82, the highest monthly settlement since March 2022. Momentum ticked a little higher, and is moderately positive. Vol' was a little lighter at 337M
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Pan American Silver (PAAS)

Pan American Silver saw a net June gain of +$4.01 (16.4%) to $28.40, on sustained high vol' of 124M. Momentum ticked back upward, if remaining on the moderately high side.
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Of the four, yours truly favours Agnico Eagle Mines, which has been the sector leader over a year. The primary concern should be if the broader equity market is net lower into October, the miners will struggle... even if gold and/or silver continue to climb.

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Month five for the miners

2025-05-31T00:26:00.000+01:00

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.
--

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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Miners still digging upward

2025-04-30T23:35:00.003+01:00

The gold miner ETF of GDX saw a net April gain of +$3.04 (6.6%) to $49.01

GDX, monthly

Summary

The collective of miners climbed for a fourth consecutive month. GDX printed $53.25, the highest since Dec'2011. I would note the 10MA at $39.97, which was settled above, as the m/t trend is bullish.
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Four of the key miners...

Newmont (NEM)

Newmont saw an April gain of +$4.40 (9.1%) to $52.68. I would note the monthly 10MA at $45.17, which was settled above. Monthly momentum ticked back upward. Vol' was a heavy 348M
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Barrick Gold (GOLD)

Barrick saw a net April decline of -$0.40 (2.1%) to $19.04. Momentum ticked a little higher, and is marginally positive.

NEWS: Barrick Gold is set to rename to Barrick Mining, with the NYSE ticker: GOLD > B, whilst remaining ABX on the TSX. Change to take effect as of the start of May 9th.
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First Majestic Silver (AG)

First Majestic Silver settled -$0.43 (6.4%) to $6.26, on record vol' of 447M. Momentum is flat-lining on the marginally positive side.

Pan American Silver (PAAS)

Pan American Silver saw a net April decline of -$0.65 (2.5%) to $25.18, on much higher vol' of 102M. Momentum remains on the moderately high side.
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Miners multi-year high

2025-03-31T22:28:00.010+01:00

The gold miner ETF of GDX saw a net March gain of +$6.25 (15.7%) to $45.97.

GDX, monthly

Summary

The collective of miners climbed for a third consecutive month. GDX printed $46.94, the highest since Oct'2012. I would note the 10MA at $38.42, which was settled above, as the m/t trend is bullish.
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Four of the key miners...

Newmont (NEM)

Newmont saw a March gain of +$5.69 (13.4%) to $42.84. I would note the monthly 10MA at $45.17, which was settled above. Monthly momentum ticked back upward.
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Barrick Gold (GOLD)

Barrick saw a net March gain of +$1.69 (9.5%) to $19.44. Momentum ticked a little higher, and is fractionally positive.
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First Majestic Silver (AG)

First Majestic Silver saw a low of $5.09, but swung upward to settle +$1.32 (24.6%) to $6.69, on record vol' of 436M. Momentum ticked back upward, remaining marginally positive.

Pan American Silver (PAAS)

Pan American Silver saw a net March gain of +$2.10 (8.8%) to $25.83, on higher vol' of 72M. Momentum remains on the moderately high side.
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Miners higher with gold

2025-03-01T00:17:00.001+00:00

The gold miner ETF of GDX saw a net February gain of +$0.76 (1.9%) to $39.72, largely helped by gold printing a new hist' high of $2974.00

GDX, monthly

Summary

The collective of miners climbed for a second consecutive month. I would note the 10MA at $37.31, which was settled above, as the s/t trend is bullish.
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Four of the key miners...

Newmont (NEM)

Newmont saw a February high of $48.23, if cooling back to settle +$0.12 (0.3%) to $42.84. I would note the monthly 10MA at $44.71, which was settled beneath. Monthly momentum ticked lower for a fifth month, but is leveling out.
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Barrick Gold (GOLD)

Barrick saw a net February gain of +$1.47 (9.0%) to $17.75. Momentum ticked a little higher, and is fractionally positive. After some drama, the company and CEO Bristow have reached an agreement with the Mali regime.
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First Majestic Silver (AG)

First Majestic Silver saw a net February decline of -$0.32 (5.7%) to $5.37, on record vol' of 389M. Vol' was skewed due to the recently finalised merger with Gatos Silver. Momentum ticked a little lower, if remaining marginally positive.

Pan American Silver (PAAS)

Pan American Silver saw a net February gain of +$0.62 (2.7%) to $23.83, on marginally higher vol' of 63M. Momentum remains on the moderately high side.
--

Of the four, yours truly favours Newmont, which has less of a copper component than Barrick.

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Miners digging upward

2025-02-01T19:25:00.000+00:00

The gold miner ETF of GDX saw a net January gain of +$5.05 (14.9%) to $38.96, helped by gold/silver, and the main market.

GDX, monthly

Summary

The collective of miners started the year on a powerfully bullish note. I would note the 10MA at $36.62, which was settled back above, as the s/t trend is back to bullish.
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Four of the key miners...

Newmont (NEM)

Newmont rebounded with the sector, a net January gain of +$5.50 (14.9%) to $42.72. I would note the monthly 10MA at $44.42, which was settled beneath. Monthly momentum ticked lower for a fourth month, but is leveling out.
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Barrick Gold (GOLD)

Barrick saw a net January gain of +$0.87 (5.6%) to $16.37. Momentum ticked lower for a fourth month, and will likely turn negative as of Feb'3rd. The company and CEO Bristow are mired in problems with the Mali regime.
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First Majestic Silver (AG)

First Majestic Silver saw a net January gain of +$0.21 (3.8%) to $5.70, on record vol' of 339M. Vol' was skewed due to the finalised merger with Gatos Silver. Momentum ticked a little lower, if remaining marginally positive.

Pan American Silver (PAAS)

Pan American Silver saw a net January gain of +$2.99 (14.8%) to $23.21, on relatively low vol' of 55.7M. Momentum 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.

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Miners fall into year end

2025-01-01T21:27:00.001+00:00

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.
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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.
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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.
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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.
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Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

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Miners lower with gold/silver

2024-11-30T18:32:00.002+00:00

The gold miner ETF of GDX saw a net November decline of -$2.68 (6.6%) to $37.66, dragged down by lower gold/silver.

GDX, monthly

Summary

The collective of miners saw the first monthly decline since June. I would note the 10MA at $35.47, which was settled above, as the m/t trend remains bullish.

The ultimate concern is if the main market puts in a m/t top, gold/silver, and the related miners will be prone to being dragged lower. For now... there is ZERO sign of that.
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Four of the key miners...

Newmont (NEM)

Newmont saw a net November decline of -$3.23 (7.1%) to $41.94. I would note the monthly 10MA at $43.00, which was settled beneath. Monthly momentum ticked lower for a second month, if still on the positive side. October's bearish engulfing candle played out.
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Barrick Gold (GOLD)

Barrick settled -$1.72 (8.9%) to $17.49. Momentum ticked lower for a second month, and might turn negative in January. The third consecutive monthly close under psy' $20 is a concern. October's bearish engulfing candle played out.
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First Majestic Silver (AG)

A net November decline of -$1.26 (17.1%) to $6.11, on high vol' of 204M. Momentum ticked a little lower, and is on the marginally positive side. The effective merger with Gatos Silver (GATO) won't likely be finalised until Q1 2025.

Pan American Silver (PAAS)

A net November decline of -$1.33 (5.7%) to $21.97, on static vol' of 78M. Momentum ticked a little lower, 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 ($19s).
--

Of the four, yours truly favours NEM, which has less of a copper component than Barrick.

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Higher high, higher low

2024-10-31T21:38:00.001+00:00

The gold miner ETF of GDX saw a net October gain of +$0.52 (1.3%) to $40.34, helped by higher gold/silver, and a net positive main market.

GDX, monthly

Summary

The collective of miners were higher for the seventh month of eight, helped by gold/silver, and the net positive main market. I would note the 10MA at $34.50, which was settled above, as the m/t trend is bullish.

Thursday Oct'31st saw the miners all lower, largely pressured by the main equity market. The ultimate concern should be... if the main market is close to a m/t top, gold/silver, and the related miners will be prone to being dragged lower.
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Four of the key miners...

Newmont (NEM)

Newmont printed $58.72, but swung very powerfully lower, a net October decline of -$8.01 (15.0%) to $45.44. I would note the monthly 10MA at $42.42, which was settled above. Monthly momentum ticked back lower, and is on the high side. The monthly candle is bearish engulfing, and bodes net bearish for November.
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Barrick Gold (GOLD)

Barrick printed $21.35, but settled -$0.57 (2.9%) to $19.32. Momentum back lower, and is on the moderately high side. The second consecutive monthly close under psy' $20 isn't great, and threatens some cooling to the 10MA in the $17s. The monthly candle is bearish engulfing, and bodes net bearish for November.
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First Majestic Silver (AG)

A net October gain of +$1.38 (23.0%) to $7.38, on static vol' of 240M. Momentum ticked a little higher, and is on the marginally positive side. The effective merger with Gatos Silver (GATO) won't likely be finalised until Q1 2025.

Pan American Silver (PAAS)

A net October gain of +$2.54 (12.2%) to $23.41, on static vol' of 75M. Momentum ticked a little higher, 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.

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Miners higher with gold

2024-09-30T21:54:00.002+01:00

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.
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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.
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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.

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