Miners and metals
When investing in the precious metals market, it’s important to know which mining stocks are underperforming and which ones are outperforming their competitors. In this first part of our series, we’ll review the performances of Goldcorp (GG), New Gold (NGD), Kinross Gold (KGC), and Alacer Gold (ASR).
Goldcorp, New Gold, and Alacer have seen YTD (year-to-date) losses of 5.8%, 2.6%, and 3.6%, respectively. Kinross has a YTD gain of 38.9%. The mining-based VanEck Vectors Junior Gold Miners ETF (GDXJ) is trading with a YTD rise of 4.9%.
Technicals of mining stocks
New Gold and Kinross Gold are trading above their 20-day and 100-day moving averages, while Goldcorp is trading below its 20-day and 100-day moving averages. Alacer Gold is trading below its 100-day moving average but above its 20-day moving average.
A considerably high premium over a stock’s price indicates a possible fall in price, and a considerable discount to a stock’s price suggests a possible rise in price.
These miners’ target prices are above their current trading prices with the exception of Gold Fields (GFI) and Sibanye Gold (SBGL). When the target price is lower than the current trading price, it indicates a negative outlook. On the other hand, a target price above the current price indicates a positive outlook.
The RSI (relative strength index) levels of these miners have also recovered. GDXJ has an RSI of approximately 57.2.
Silver is often a more volatile metal than gold. Due to its low trading price compared to gold, silver volumes could remain higher.
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