Skip to main content

Gold Miners Aren't Concerned Over the Pullback in Gold, Nor Am I

Let's take a look at action in two major gold miners and a gold mining ETF vs the price of gold futures.
  • Author:
  • Publish date:
Newmont Mining Corporation (NEM) courtesy of StockCharts.Com 

Newmont Mining Corporation (NEM) courtesy of StockCharts.Com 

Barrick Gold Corp

Barrick Gold Corp (GOLD) courtesy of StockCharts.Com

Barrick Gold Corp (GOLD) courtesy of StockCharts.Com

GDX Gold Miners ETF

Vaneck Gold Miners ETF (GDX) courtesy of StockCharts.Com

Vaneck Gold Miners ETF (GDX) courtesy of StockCharts.Com

Gold 

Gold futures courtesy of StockCharts.Com

Gold futures courtesy of StockCharts.Com

Futures vs Miners

  • Gold futures hit a new record high of $2078 on March 8. Since then it has fallen to $1923, a decline of $155.
  • Nemont, GDX, and Barrick all shrugged off the pullback in gold.  
  • Newmont (NEM) hit a new record high on Friday of $82.78, up 4.19%. And that is on a day in which the price of gold decline over $30. 
  • GDX rallied 2.97%, and Barrick rallied 1.67% on Friday, also shrugging off a $30 decline in the price of gold.
Scroll to Continue

RECOMMENDED ARTICLES

Strong Bull Markets 

These actions are typical of strong bull markets. 

The miners aren't concerned about consolidation in the price of gold or Fed tightening. And neither am I. 

For discussion of Fed tightening and yield curve flattening please see Breathtaking Yield Curve Spread Collapse Including 2-10 and 3-30 Inversions

This post originated at MishTalk.Com.

Thanks for Tuning In!

Please Subscribe to MishTalk Email Alerts.

Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.

If you have subscribed and do not get email alerts, please check your spam folder.

Mish