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What Caused the Slump in Precious Metals and Miners?

PART:
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Part 3
What Caused the Slump in Precious Metals and Miners? PART 3 OF 4

An Overview of Mining Shares’ Movement in September 2017

Mining shares

Most mining companies have risen over the past one-month period, thanks to recent geopolitical tensions and the risk element in the market. Precious metals react optimistically to uncertainties, as do precious metal mining companies. Monday, September 11, was a down day for precious metals and mining shares.

In this part of the series, we’ll review the performance of Alamos Gold (AGI), First Majestic Silver (AG), Royal Gold (RGLD), and Gold Fields (GFI). These miners have year-to-date (or YTD) gains of 3.8%, 44.7%, and 45.8%, respectively. First Majestic has a YTD loss of 8.3%. The VanEck Vectors Junior Gold Miners ETF (GDXJ) has risen 13.9% YTD.

An Overview of Mining Shares&#8217; Movement in September 2017

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Technical indicators

Royal Gold and Gold Fields are trading at a premium to their 100-day and 20-day moving averages. First Majestic Silver is above its 20-day moving average, but it’s below its 100-day moving average. Alamos Gold is trading below both its 20-day and 100-day moving averages.

A considerable premium over a stock’s price indicates that the price could fall, whereas a good discount to a stock’s price suggests a possible rise in the price.

These mining shares’ target prices are higher than their current trading prices. When the current price is higher than the target price, it gives a negative outlook. However, a target price higher than the current price indicates a positive outlook.

The RSI levels of these miners fell considerably on September 11, due to the fall in the price of precious metals. AGI, AG, RGLD, and GFI have RSI levels of 77.5, 81.5, 86.9, and 68.6, respectively.

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