American stock markets end the week with a marginal loss after meandering along their break-even. Nothing can keep precious metals from grinding lower however: nor Greece on its path to bankruptcy, nor several IS terrorist attacks or the Ukraine conflict roaring its tail again. Gold ends the week 2.17% lower to close at $1174.2, while silver gave back 2.05% closing at $15.75. Platinum -which keeps stuck near its almost 6 year low- softens another 0.37% to $1080, while Palladium again aggravated its slide to 4.11% over the week, closing at $677.
With a 2.56% slide, the HUI weakens little more than the yellow metal, making HUI/Gold ease to 0.1297. This is below the trough level of the 1998-2001 gold miner bear market. It hardly comes as a surprise that the HUI index is down 7.2% year-to-date. You find fresh graphs on the gold miner pulse blog page.
Among our benchmarks, GDX is down 2.95% and GDXJ slides 2.74% over the week. SIL even plunged 3.74%. Almost miraculously our contributor driven explorer & junior miner spreadsheet finds itself in a sunny spot as we enjoy a gain of 1.6% last week thereby cutting the long term loss to 43.22%. Six picks are up, against 9 down with 3 flat over the week. Double digit gains on Miranda Gold, Wellgreen Platinum, Continental Gold and Oceana Gold make the difference. With a 8.6% loss, Romarco Minerals is the major drag on the list. Dust, the 3x leveraged miner bear ETF, is once more posting a long term gain after the latest miner slide.
About Rubicon Minerals: this miner is covered on the Gold Miner Pulse list. As such its long term performance also is monitored on the blog page: Miners' performance. Up in the 'Midrange' quintile, it's not a top performer, but no long term laggard either. Too bad only a few elite picks keep out of the red over the long haul.