A Look at Miners’ September Fluctuations
Last week was a rough one for mining stocks, as the Fed’s tone and turbulence in North Korea impacted gold. The Fed’s hawkish comments prompted precious metals and mining stocks to fall, while unrest due to North Korea’s hydrogen bomb test led to a rise in haven bids for gold and other precious metals. September 26 was mostly a down day for precious metals and mining stocks. In this part of the series, we’ll look at New Gold (NGD), Gold Fields (GFI), Pan American Silver (PAAS), and Coeur Mining (CDE).
Interested in CDE? Don't miss the next report.
Receive e-mail alerts for new research on CDE
NGD, GFI, PAAS, and CDE have seen year-to-date gains of 3.7%. 42.2%, 13.3%, and 1.1%, respectively. The VanEck Vectors Junior Gold Miners ETF (GDXJ) has risen 6.4%.
At this point, moving averages may not be a strong indicator of mining stocks’ future movement. However, all four miners, except Pan American, have trading prices above their 100-day moving averages.
New Gold’s, Pan American Silver’s, and Coeur Mining’s target prices are above their current prices. Whereas a stock’s current price being above its target price suggests a negative outlook, a higher target price suggests a positive outlook. NGD’s, GFI’s, PAAS’s, and CDE’s relative strength index scores are 25.9, 34.4, 25.4, and 44.5, respectively.