American stock markets still are digesting the Wednesday plunge. Market indices are down fractionally over the week.
Precious metals advanced nicely over the week, despite the Thursday slide. Gold firmed 2.27% to $1255.6 almost equaled by silver, up 2.37% to $16.83. PGMs did less well, with Platinum lagging only little +2.07% to $938 but Palladium easing against the trend: -6.09% to $756. Pd had been unusually strong YTD, narrowing the price gap with Platinum to less than $100 only two weeks ago.
If miners had been anticipating the gold recovery, they started lagging the gold rally as it unfolded, thereby anticipating the Thursday precious metal slide... The HUI was flat over the week while HUI/Gold eased to 0.157 since May 12. You find more on the
gold miner pulse page. HUI residuals, relative to the
HUI/Gold regression line turned slightly negative again. Miners no longer are factoring in higher gold prices.
Since the previous evaluation on May 5, the
gold miners performance page shows advances outnumbering declines about 3:1. Despite this, miners at the tail of the top quintile (the best 20% of the list) still are a little below break-even.
Gold mining ETF's progress modestly, leaving behind the HUI: GDX (+0.64%) and GDXJ (+0.23%) make a fractional advance, while SIL is the best in class, adding 2.5%. Our contributor driven explorer and junior miner spreadsheet adds 1.65% to a long term advance of 3.38%. Not too bad considering that weekly declines outnumber advances 10:8 (with Pilot Gold flat). Yet we are saved having Integra Gold (+42%) on our list. This developer has been advancing its Lamaque project in Val d'or, Québec.
Integra Gold will be acquired by Eldorado Gold.
