American stock market indices are narrowing the gap with their pre-corrections highs. The impact of some mediocre economic indicators, withholding the FED to hike rates has boosted precious metal prices early October. Yet the rally is petering out. Precious metals are down over last week, with gold giving back 1.16% to $1164 by the Friday close and silver weakening 1.37% to $15.81. PGM's outperforming also is past tense.
If PM miners uphold relatively well, it's due to the favorable stock market sentiment. The HUI adds 1.37% over the week to 135.9. Mixed readings for our GMP list based indices, with the cap weighed GMP gold miners index adding 2.8%, but both the silver miners index (-1.9%) and the equal-weight index (-1.2%) giving way. The HUI gaining pushed HUI/Gold to 0.117. You find the weekly updated graphs on the
gold miner pulse blog page.
Our list performance -2.7% is lagging: the
contributor driven explorer & junior miner spreadsheet now stands at a long term loss of 50.3%. We only have 3 advances against 13 declines. But what kills us are the double digit declines of Eurasian Minerals, Tiimins Gold and Platinum Group Metals. Our cap weighed list performance only shows a negative 0.15% reading, as we are taking major hits only micro caps and miners adding to their already substantial losses.
Romarco Minerals left the selection after its acquisition by Oceana Gold. Its long term loss being in line with the list average, there is no material influence of the composition change on the list performance.