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Precious Metals Fall as Bond Yields Rise. What's Next?

PART:
1 2 3 4 5 6
Part 6
Precious Metals Fall as Bond Yields Rise. What's Next? PART 6 OF 6

How Silver Miners Are Performing amid the Silver Slump

Miners recovered

Most mining companies saw a down day on Thursday, July 13, as precious metals fell lower. In this part of the series, we’ll discuss the technicals of silver mining stocks such as First Majestic (AG), Silver Wheaton (SLW), Coeur Mining (CDE), and Hecla Mining (HL).

Overall, the changes in gold are a crucial determinant of the price changes of mining stocks. However, there is a chance that the silver miners would rather stick to the price movement in silver. As a result, silver’s price fluctuations become more important.

How Silver Miners Are Performing amid the Silver Slump

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On a year-to-date (or YTD) basis, all four miners have seen falling prices. AG, SLW, CDE, and HL fell 1.2%, 0.67%, 12.3%, and 4.0%, respectively. The iShares Silver ETF (SLV) is trading at a marginal YTD fall of 1.6%.

Technical indicators

These four miners are trading below their longer-term 100-day moving averages and their shorter-term 20-day moving averages. Only Hecla Mining is trading at a marginal premium to its 20-day moving average. A good premium over a stock’s price indicates a potential downside correction in its price, and a considerable discount to a stock’s price suggests a rise in its price. 

The target prices of these miners remain considerably higher than their current trading prices, suggesting a positive outlook for the associated precious metals.

The RSI levels of most mining stocks have fallen significantly over the past week. However, July 10 saw their prices rebound, and their RSI levels followed suit. The RSI level for SLV was 31.2 on July 13, 2017.

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