By mid October miner sentiment had improved as gold broke above $1180, but there's little left of that optimism. With gold closing October at $1141.7, down 1.9% over the week, the yellow metal has given back about half of its October gains. Silver at $15.535 (-1.7%) doesn't do much better. The white metal only briefly regained $16 by mid October.
How brutally sentiment turned is clear from the Oct 30 update on the Miners' Performance with only 12 miners advancing, against a 67 majority of miners declining over the last two weeks in October.
How brutally sentiment turned is clear from the Oct 30 update on the Miners' Performance with only 12 miners advancing, against a 67 majority of miners declining over the last two weeks in October.
Miners were down almost across the board last week, with the HUI index down 9.74% over the week to close at 122.7. HUI/Gold slid to 0.1075. You find updated graphs on the gold miner pulse blog page.
Our benchmarks ETFs are down in line with the HUI: -9.44% for GDX and -9.35% for GDXJ. In this perspective we escape the worst: the contributor driven explorer & junior miner spreadsheet is down 5.68% and the long term loss now stands at 53.11%. Nevertheless there only are two picks up (Eurasian Minerals +21.8% and Wellgreen Platinum +7%) over the week, against 14 down, with Mirasol Resources flat.
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