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In What Direction Are Precious Metals and Miners Moving?

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In What Direction Are Precious Metals and Miners Moving? PART 1 OF 5

In What Direction are Precious Metals and Miners Moving?

Precious metals

Gold rose again on April 17 as the US dollar experienced weakness due to simmering tensions between the United States and North Korea. Gold futures for May expiration touched a high of $1,295.30 per ounce and closed at $1,290.20. In the five trading days before April 17, gold had risen ~3%. A significant chunk of this increase was due to haven bids. Prices were at their highest since November 4, 2016.
 
Ongoing tensions in North Korea have kept investors on their toes. Over the weekend, North Korea put on a massive parade demonstrating its military capability, which was followed by a failed missile launch.
 
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Haven metals silver and platinum also rose, by 3.4% and 5.2%, respectively, on a trailing-five-day basis. On April 17, they rose 0.02% and 1.4%, respectively.
 
However, palladium has declined. It fell 0.92% on Monday, despite increased haven bids. Palladium saw a trailing-five-day loss of 0.18%. As palladium is showing its industrial side, it is following the equity market rather than the precious metal market.
 

Retreat of miners and funds

Despite precious metals rising on April 17, the VanEck Vectors Gold Miners ETF (GDX) and Global X Silver Miners ETF (SIL) fell 0.29% and 1.1%, respectively. Although mining shares belong to the equity segment of the market, their prices depend mostly on metals. Hecla Mining (HL), AngloGold Ashanti (AU), Harmony Gold (HMY), and IAMGOLD (IAG) fell 3.2%, 0.46%, 3%, and 0.45%, respectively. The above chart compares GDX’s price with Harmony Gold’s over the past few years.
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