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How Will the Fed Meeting Impact Precious Metals?

PART:
1 2 3 4 5
Part 5
How Will the Fed Meeting Impact Precious Metals? PART 5 OF 5

How Mining Stocks Reacted Yesterday

Mining companies

The start of September was beneficial for precious metals, as most saw up days, However, over the past week, precious metals have been falling, negatively affecting mining stocks. Tuesday, September 19, was also an up day for silver—but platinum and palladium retreated. As a result, many mining stocks had mixed reactions.

In this part of our series, we’ll review the performance of First Majestic (AG), Silver Wheaton (SLW), Pan American Silver (PAAS), and Coeur Mining (CDE).

How Mining Stocks Reacted Yesterday

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All four silver mining stocks except for AG have seen a year-to-date (or YTD) rises in their prices. AG has fallen 7.7% since the beginning of the year.

However, SLW, PAAS, and CDE have risen 0.52%, 17.4%, and 1.9%, respectively, over the same timeframe. The Global X Silver Miners Fund (SIL) has risen 4.5% YTD.

Technical indicators

Among the above four miners, First Majestic and Coeur Mining are trading at premiums to their 20-day moving averages while Silver Wheaton and Pan American are at a discount to their 20-day moving averages. A reasonable premium over a stock’s price suggests that the price could fall while a reasonable discount suggests a possible rise. The moving averages at this time may not be a clear indicator of future price movements.

Target prices are currently higher than trading prices, which suggests a negative outlook.

The RSI (relative strength index) levels for these miners have also risen substantially along with their prices. AG, SLW, PAAS, and CDE have respective RSIs of 53.3, 32, 39.1, and 61.5.

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