While geo-political tensions eased early in the week, the terrorist attack in Barcelona shook the world on Thursday. American stock markets are off their highs, though with fractional weekly losses only. The damage is larger in Europe.
Despite gold rallying to $1300 on Friday, the yellow metal soon slid back ending the week at $1284.2 on COMEX. Weekly gains were wiped out: gold closed 0.35% down since Friday Aug 11. At $16.94 silver eased 0.94% over the week. PGM's diverge, with Platinum easing 0.61% to $977, but Pd rallying 3.4% to $914. The Pt/Pd gap is once more narrowing.
Miners rallied on Wednesday, but the grinding slide the other days resulted in weekly loss of 0.73% for the HUI, making HUI/Gold ease little to 0.1521. You find the graph updates on the
GMP page.
GoldCorp has taken over Exeter Resources (XRC) and the quote is cancelled. Wheaton Precious Metals (Silver Wheaton) takes its place. The
Miner Performance page reflects and comments these changes. The main shaker is Primero Mining: after having sold its Black Fox Mine to Mc Ewen Mining in order to raise cash and reduce debt, the stock was slashed. On Aug 14, the stock was delisted from American markets, causing another slide. Since Aug 4, Primero is down 72% to CAD 0.135.
Though miners still are up on average since Aug 4 (previous evaluation), they lag gold. the residual between the HUI/Gold regression line and the HUI value still keeps negative without any sign of improvement.
Among our Benchmark ETF's declines vary from 0.71% (in line with the HUI) for GDXJ to 1.92% for SIL. Our
contributor driven junior miner and explorers spreadsheet only eases 0.35%. Poor comfort. Last week week had 7 advances against 8 declines. With a 10.7% decline, Continental Gold was the main drag on our list.
