Precious metal miners: fathoming the abyss

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Gold failing to uphold $1200 sends miners lower

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.

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A joyful July 4th

... and I hope that Canadians also enjoyed their national day on the first of July.

With a short trading week behind, there will be a list update next Monday; that also accounts for the blog pages related. Going forward, I will update the contributor driven miners list once every second week during July and August. Enjoy your summer holidays.

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A hectic start

Last trading week has been short, with Canadian markets closed on the first of July and American stock markets closed on the 3rd in compensation for the US National Day on Saturday. After the Greek referendum resulted in a firm 'No', global stock markets sold off, while interest rates in the US and the financially sound EU member states slid, sending sovereign bonds higher.

The sell-off witnessed among precious metals was counter-intuitive and we got a reversal, with both gold and silver rallying intra-day to end with modest gains. On balance gold still is down 0.37% since Friday June 26, while silver is flat. Platinum is left holding the bag, with a $20 or almost 2% loss since the London close last Friday. Intraday, platinum posted a fresh post 2009 low of $1045.  Shorters have been successful in driving the platinum price to the triple digits in both Euro and the Swiss franc.  Triple digit platinum in USD somewhere down the line may well result in supply destruction, as most platinum mines have been producing below all sustaining costs for a while now.

Despite today's recovery, the HUI index still is down 0.55% over he week, making HUI/Gold weaken little to 0.1294, after plunging to 0.1277 last Tuesday: barely above the December 16 all time low. Who was talking about a miner recovery? You find fresh graphs on the gold miner pulse blog page.  

The damage is larger for our benchmark ETF's: GDX is off 1.33% since Friday 26, while GDXJ slid 4.59%. GLDX holds the middle ground with a 2.8% loss.  With a tiny 0.24% loss  our contributor driven explorer & junior miner spreadsheet compares favorably. We have 7 stocks up on the list against 10 down with Mirasol flat. Sandstorm leads the way up with a double digit gain, mitigating its long term loss. With a 6.9% loss, Platinum Group Metals is a predictable shaker and the major drag on the list. Could have been worse ...

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Better than tomorrow ...

Africans have a peculiar sense of humor. When asking 'How is life in Kinshasa?', an answer often heard used to be "Mieux que demain" ('Better than tomorrow'). It adequately describes what mood precious metals are in. Irrespective of whether global stock markets are dipping or recovering and challenging all time highs, precious metal markets know only one direction. A summer slump is a recurrent phenomenon, yet now it lingers on from mid May onward.

Triple digit platinum (as I stated was in the cards) ultimately materialized last Friday. (Previous occurrence of triple digit Platinum was in February 2009, which puts us at a +6 year low.) Gold closing at $1133 puts us at a five year low. For an LBMA silver fix below the current $14.84, we equally need to return to Sept 1, 2009. While Palladium 'only' is near a three year low, its price has been plunging faster than any of the other precious metals.

Miners have been crashing, with the HUI/Gold ratio now below its December 2014 trough at 0.114. The HUI index equally slid considerably below its mid December 2014 bottom level. find fresh graphs on the gold miner pulse blog page.  Since the previous update on Jul 6, the HUI posts a 15.1% loss, while the benchmarks GDX and GDXJ are off -13.6% and 11.1% respectively. SIL slides 13.45%.

With a 8.69% loss, our contributor driven explorer & junior miner spreadsheet compares favorably, if that can be any consolation. We thereby equal the performance of GLDX (the explorer ETF) which was the less bad of our benchmark ETFs. Since last update, there are 2 list components up little (PVG and CNL), against 15 down, with Eurasian Minerals flat. Several double digit slides are a drag on our list performance.

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Grinding along the bottom

American stock markets have been going nowhere; gains are alternating with losses, with the DJ down a little year-to-date and both S&P and Nasdaq holding on to modest gains.

Yet that's a lot better than precious metals: after the mid July plunge, gold is grinding along its bottom. Gold closed at $1095.2 last Friday after sliding to a fresh intraday post 2010 low at $1079.  Gold is down 3.36% compared to last article on July 17. For the other PM's further losses are contained to less than 1% after their disproportional plunge earlier this month.

Gold shorters failing to keep the price below $1080 for more than a few minutes inspired gold bugs to some relief rally with a 3% gain for the HUI, closing at 111.7. We've seen more up-days on the miners than further slides, yet the plunges have been more impressive, generally in excess of 4%. Moreover the 12% implosion on July 20 really crushed all records. Since previous observation on July 17, the HUI is down 13.1%. You find fresh graphs on the gold miner pulse blog page

Our benchmarks GDX, GDXJ and GLDX are down 10.9%, 8.3% and 8.5% respectively, all somewhat less bad than the HUI index... and similar for our contributor driven explorer & junior miner spreadsheet, which slid 7.4%. With most of our quotes in CAD, we still have some FX tail winds. The long term loss nevertheless stands at 52.1%. Over the last two weeks, only two stock picks are up (MAG silver and Romarco Minerals), while Wellgreen Platinum is holding ground. Among the 15 losses, there are 7 double digit slides. The 21% slide of Oceana Gold makes us lose the last but one long term gain. That leaves us with only MAG, one faint star in a dark sky.

I hope to be back with better news around mid August.

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RE: Grinding along the bottom

Gwyde wrote:

Our benchmarks GDX, GDXJ and GLDX are down 10.9%, 8.3% and 8.5% respectively, all somewhat less bad than the HUI index... and similar for our contributor driven explorer & junior miner spreadsheet, which slid 7.4%. With most of our quotes in CAD, we still have some FX tail winds. The long term loss nevertheless stands at 52.1%. Over the last two weeks, only two stock picks are up (MAG silver and Romarco Minerals), while Wellgreen Platinum is holding ground. Among the 15 losses, there are 7 double digit slides. The 21% slide of Oceana Gold makes us lose the last but one long term gain. That leaves us with only MAG, one faint star in a dark sky.

Romarco Minerals is to be bought out by Oceana Gold. It explains both the rise of the former and slide of the latter. This very much reminds me the recent acquisition of the gold mining activities of Aurico by Alamos Gold, where Alamos slid by 50% upon completing the deal, paid for in new Alamos shares.

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Sellers exhausted

After the Greek debt crisis was patched, yet another drama is unfolding on its shores, where masses of unfortunate refugees from a war ravaged Syria are seeking shelter, hoping for asylum elsewhere in Europe. Meanwhile China is devaluing its currency, adapting the USD peg for several days now. The latter caused its ripple effects on broad stock markets, with both American and European market indexes in a pull back.

Just for once, precious metals recovered, after bottoming early August. Gold regained $1100 and silver got over $15. By Wednesday the PM recovery leveled off , with minor losses towards Friday upon general weakness in the commodity sector, with crude plunging again. Gold closes the week at $1113.7 (up 2.33% for the month) and silver at $15.25 (up 3.53%). PGM's lag: on balance platinum only adds 0.3% since end July closing at $990 and palladium didn't even hold ground, down 0.19% since Jul 31, closing at $617.

After the precipitous plunge mid July and miners still grinding lower into early August, sellers got exhausted. As the PM sentiment turned, miners rallied. You find fresh graphs on the gold miner pulse blog page. The HUI index is up 7.42% for the month, while our benchmark ETF's add between 5.4% for GDX and 8.9% for GLDX.

Gains for our contributor driven explorer & junior miner spreadsheet lag: we add 4.8%, cutting the long term loss to less than 50%. Nevertheless 16 miners/explorers are up against only 2 down. But we lack the spectacular double digit gains among our picks: Sandstorm still does best with a 10.5% gain for the month. 

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Miner roller coaster

The Shanghai stock market rolling over and the Yuan devaluing caused a worldwide stock market recession since mid August. Only last few days, we've seen Western stock markets rallying. Precious metals responded differently: gold upheld rather well and only gave way as the stock market slide aggravated. Silver and the platinum group metals slid along with other commodities, giving back all gains with both silver and palladium setting new post 2010 lows. Palladium lost almost $60 or 10% in two days.

Gale force head winds for the miners, which lost most or all previous gains early this week. The miner plunge was much overdone and gold stabilizing on Wednesday was enough to turn sentiment, with the stock market recovery now a strong support. The miner rally followed through till Friday. On balance the HUI lost only little (0.3%) since previous observation on Aug 14. Our other benchmarks: GDX (-1.7%) and GDXJ (-2%) did less well, whereas the gold explorer ETF GLDX (-4.5%) and silver miner ETF SIL (-4.6%) suffered more. HUI/Gold made plunged to a fresh low before recovering to 0.103. You find fresh graphs on the gold miner pulse blog page. How individual stocks of the GMP database resisted the general plunge or went down with the herd can be checked on the Miners' Performance page.

That doesn't bode well for our contributor driven explorer & junior miner spreadsheet. Yet we make a modest (0.4%) gain since August 14 on account of a stellar rally continuation last Friday. On our list, 9 picks are up since mid August, while 6 are down with 3 more flat.  Eurasian Minerals (+20%) leads the winners, while Almaden and Wellgreen Platinum are the major drags on our list, both down double digits.

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The usual victims

Stock market volatility has risen, with the usual relief rallies alternating with slides into an aggravating correction. As Chinese manufacturing industry slows down, industrial metals are under pressure. That includes the usual victims: silver and the platinum group metals. The Gold/Silver ratio tested the 80-level, not seen since the 2008 financial crisis. More usual victims are the miners, testing the early August lows again and bottoming on Friday morning. As the PM's recovered towards the close, so did the miners resulting in a modest gain for the HUI. Yet since previous observation, two weeks ago, the HUI is down 7.65% and the HUI/Gold ratio is once more at or near its all time low (0.097).  You find the weekly updated graphs on the gold miner pulse blog page.  

Among our benchmarks the damage is comparable: with losses ranging from 6.3% for GDXJ to 8% for SIL. That doesn't bode well for our contributor driven explorer & junior miner spreadsheet. This time we don't escape the downtrend: the loss since Aug 28 amounts to 6.3%, in line with GDXJ. This brings the long term loss to 52.8%. Among individual explorers and miners, only Wellgreen Platinum recovers some of its previous losses, while two more explorers are flat. This leaves us with 15 losses, 6 of which are double digits. After the Friday recovery, MAG silver holds on to a modest long term gain.

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Double bottom completed

Though stock markets are off their correction lows, sentiment remains troublesome and gains alternate with losses. The FED postponing the first rate hike was not much of a support: we end the week with the main indices retreating.

Precious metals have been in an uptrend, but rather disorderly, with the Platinum group metals first leading but finally retreating on Friday. Both gold ($1139.9) and silver ($15.18) ultimately close the week advancing nicely. Contrary to the early August bottom, gold quoted below $1100 only intraday before the recovery set in. Miners however slid towards or beneath their August lows with some more head winds because of the stock market correction. With the recovery setting in, we've completed the formation of a double bottom, much comparable to the Nov/Dec 2014 double bottom.

As a result, HUI/Gold and SIL/Silver set fresh lows on Friday Sep 11 or Monday Sep 14. Both recovered, making it to the declining 50 dma, which after a sustained downturn isn't much of a challenge any longer. You find the weekly updated graphs on the gold miner pulse blog page.  

Among our benchmarks weekly gains vary from 4.9% for GLDX to 9.6% for GDX.

That should be favorable for our contributor driven explorer & junior miner spreadsheet. Yet the performance lags, with a 2% advance over the week. The long term loss now stands at 51.9% (equal weight) or 44.4% (cap weighed). Among our picks, advances lead declines 9 to 7 with Eurasian Min and Ivanhoe Mines flat over the week. There are several double digit gains, lead by Argonaut gold, up over 17% last week. However, Continental Gold and Wellgreen Platinum are a major drag on the list performance, both sliding double digits.

MAG silver holds on to a 10% long term gain.

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Miners just can't make a fist

Stock markets have been grinding lower last week, with declines outnumbering advances. On balance Nasdaq is down most, with Biotech out-of-favor lately, the Dow upheld best, even advancing on Friday; year-to-date however, the DJI is lost more than either S&P or Nasdaq.

A mixed pattern for precious metals, with on-balance a 0.56% gain for gold since previous week and a tiny 0.33% loss for silver. An important divergence among the PGM's, with platinum down 3.6% over the week, against a 9.4% gain for palladium, which seemingly also is provoking a short squeeze. The speculators' take on the falsification of emission test results for diesel engines by VW is to short platinum (used in the catalysor for these engines) and go long palladium (only used in the catalysor in gasoline engines).

The Palladium surges completely undoes the earlier Palladium slide, which brought the grey metal down to $530 on Aug 26,  a month ago. Yesterday's surge adds to a completing recovery with Pd now at $662, the highest price level since the precious metal slide started aggravating by mid July.

Despite gold firming on balance, we witnessed a dismal slide for miners, only interrupted by a bear market rally on Thursday, mitigating the weekly loss. HUI/Gold first plunged and recovered on Thursday. However it still is down on the week to 0.097. You find the weekly updated graphs on the gold miner pulse blog page.  

Among our benchmarks GDX declines by 3.45% and GDXJ by 4.47%. SIL holds the middle ground, down 4% over the week.

With a 1.38% decline for our contributor driven explorer & junior miner spreadsheet, we compare favorably. The long term loss now adds up to 52.53%. We have 5 picks advancing against 12 declining, with Miranda Gold flat over the week. Timmins Gold rallied 33%, mitigating its (extended) long term loss.

Only MAG silver holds on to a 12.7% long term gain, while Pretium Res. nears break-even.

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Friday rally saves the week for miners

Americcan stock markets have been improving in the latter half of the week, ultimately resulting in a modest gain since previous Friday Sep 25.

Precious metals weren't really inspired and kept grinding lower until Friday's relief rally. Gold and silver still are down fractionally over the week, while the bifurcation between platinum and palladium continues. Miners are off only slightly better: the Friday rally saved us from another down week.  The HUI index is up short of 3% over the week, but our gold and silver indexes (using the GoldMinerPulse database) are less convincing. You find the weekly updated graphs on the gold miner pulse blog page.

A mixed picture also among the benchmark ETF's: from a fractional loss for GLDX to a 3.65% gain for GDX.  The 3x leveraged gold miner long (NUGT) had a 10:1 consolidation, which distorts the image. 

Our list performance lags: the contributor driven explorer & junior miner spreadsheet is down 1.38% over the week. We have 7 advances against 11 declines. Continntal Gold, Miranda Gold and (predictably) the platinum mine developer Ivanhoe Mines made a double digit slide. Pretium Resources rallied over 10% and joins MAG silver as a long term winner. This at least makes some difference.

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Miner rally: a narrow base to build on

Stock markets have been rallying and leaving behind the correction lows. The precious metals also left behind their late August and September lows, posting decent gains in the first half of October. Yet, last week and today's morning session show precious metals to remain 'in a bear market stance'.  We no longer witness the rapid and extended swoons, however the very short rallies, typical for bear markets, are there to stay.  They're interrupted by streaks of PM's grinding lower. This is but a narrow base for a miner rally to build on. 

Last Wednesday rally made our week, with gold and miners grinding lower on all other days. On balance, gold adds 1.84%, silver is up 1.33% over the week, while platinum even adds 3.26% as the shorts are being unwound. Only palladium suffers little (-2.25%) from profit taking. The HUI holds on to a near 30% gain since Oct 1, peaking above 139 on Wednesday sliding to 134.1 by the Friday close.  HUI/Gold has firmed to 0.114.  You find the weekly updated graphs on the gold miner pulse blog page.

Mixed blessings also among the benchmark ETF's with weekly gains varying from 0.80% for GDX to 3.65% for GLDX. Both 3x leveraged plays NUGT and DUST now are down since inclusion.  Volatility kills these trading vehicles.

Our list performance 3.6% compares favorably: the contributor driven explorer & junior miner spreadsheet now stands at a long term loss of 48.95%. We have 9 advances against 5 declines. Oct 5 also was the end of the line for Romarco Minerals, which has been acquired by Oceana Gold. Both target and acquirer being on our list, we will move Romarco Minerals (down 52% since inclusion) to the 'exile section'. Oceana Gold declined after the deal was announced, but may now start building on synergies.  With PM prices not too much doublecrossing the miner recovery, OGC may soon join PVG and MAG among the long term winners. 

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Miners hesitating as the precious metals rally is petering out

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 on 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.

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Precious metals retreating push miners down the cliff

By mid October miner sentiment had improved as gold broke above $1180, but there's little left of that optimism. With gold closing October at $1141.7, down 1.9% over the week, the yellow metal has given back about half of its October gains.  Silver at $15.535 (-1.7%) doesn't do much better. The white metal only briefly regained $16 by mid October.

Miners were down almost across the board last week, with the HUI index down 9.74% over the week to close at 122.7. HUI/Gold slid to 0.1075. You find updated graphs on the gold miner pulse blog page.

Our benchmarks ETFs are down in line with the HUI: -9.44% for GDX and -9.35% for GDXJ.  In this perspective we escape the worst: the contributor driven explorer & junior miner spreadsheet is down 5.68% and the long term loss now stands at a long term loss of 53.11%. Nevertheless there only are two picks (Eurasian Min and Wellgreen Plat.)  up over the week, against  14 down, with Mirasol flat.

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More bloodshed

Since my Oct 19, I questioned the viability of the miner rally: not one week too early. While initially losses were contained, the slide aggravated towards end October and by now hell breaks loose, much alike the first week of November 2014.

Precious metals have been sliding, with gold approaching its post-2011 low set last August. The yellow metal is down 4.7% over the week, closing at $1088.2 on Friday. Silver slid below $15 on Thursday and deepens its loss to $14.73/Oz, a weekly loss of 5.2%.  The PGM also give way, with Pt down 4.6% over the week and Pd sliding by 8%.

The HUI miners index is down 10.8% to 109.5, (after a 9.75% loss the previous week). HUI/old weakened to 0.101.  You find updated graphs on the gold miner pulse blog page.

Our benchmarks ETFs are down slightly less bad than the HUI: -10.03% for GDX, -7.62% for GDXJ and -7.88% for GLDX.  Once more we escape the worst: the contributor driven explorer & junior miner spreadsheet is down 4.02%, bringing the long term loss to 55%. We have 5 miners/explorers advancing against 12 declining. A decent counter-trend gain for Eurasian Minerals helps explaining why we're off less bad. Pretium Resources slid 10% and is back into the red. Only MAG silver holds on to some tiny long term gain.  

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Precious metal bifurcation

Broad stock markets have seen better days: after American market indices failed putting down a fresh all time high, they're sliding back with markets fearing a December rate hike after decent unemployment figures. The Paris terrorist attacks may aggravate the slide.

If gold is marginally weaker (-0.4% since previous week) and closing at $1083.9, this is entirely due to the USD strengthening. In comparison, silver slid 3% to $14.28, while the bottom underneath the PGM's completely gave way. Platinum plunged 8.6% to $858: a fresh 7 year low.  Palladium managed to plunge 13.2% over the week, closing at $538  on Friday, which by now also is a 5 year low.

The 'relative strength' of gold helps explain why the miners did less bad than anticipated. The HUI only weakened 0.24% over last week. Predictably our GoldMinerPulse database gold and silver miner indices strengthened over the week, since CAD denominated quotes prevail. HUI/Gold stays put at 0.101, you find updated graphs on the gold miner pulse blog page.

A diverging performance among our benchmarks ETF : +1.18% for GDX, +1.82% for GDXJ, only +0.11% for GLDX and a 2.07% loss for SIL.  The contributor driven explorer & junior miner spreadsheet is up 0.98%, in line with the average among the benchmarks. This is bringing the long term loss to 54.55%. We have 7 miners/explorers advancing against 9 declining over the week past. Only MAG silver holds on to a modest long term gain.

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Stock markets propped up

American stock market indices recovered over the week, propped up by more dovish FED talk and QE by the ECB and BOJ unlikely to end soon. Predictably it were again precious metals paying the price with fresh post-2011 lows.

Gold closed below $1070 on Tuesday and silver dipped to $14.12, while the PGM's slid to fresh lows on Wednesday. Thursday brought about a reversal rally, but only Palladium made a meaningful recovery ending the week at $560, with a 4% gain. All other PM's still post fractional losses over the week.

Miners are off worse with a 1.81% loss for the HUI, bringing HUI/Gold down to 0.10; you find updated graphs on the gold miner pulse blog page.  Among our benchmarks we need to signal a 2x consolidation (or reverse split) for GLDX and a 3x consolidation for SIL. Weekly losses vary from 1.1% for SIL to 2.3% for GLDX. We ran out of luck, no longer outperforming our benchmarks: the contributor driven explorer & junior miner spreadsheet faces a 4.3% decline over the week, bringing the long term loss to 56.55%.  Only Eurasian Minerals avoided the downdraft last week, posting a timid gain, while Almaden Min. keeps flat over the week. We face 14 declines, among which the double digit declines for Pilot Gold, Timmins's Gold and Wellgreen Platinum are the major drag on the list performance. 

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Miners start telling a different story

Over this short trading week, American stock markets are almost flat. The usual victims of Thanksgiving are turkeys and precious metals. While there can be no exception to the former, I don't really recall any Thanksgiving week with precious metals rising; perhaps it's worth a statistical study. wink

Both gold and silver put down fresh 6 year lows. Platinum hasn't been lower than the current $832 since the darkest days of the financial crisis about 7 years ago. Yet, miners start telling a different story: over the past week, the HUI/Gold ratio keeps steady, even firming a little to 0.102; you find updated graphs on the gold miner pulse blog page. The HUI index is almost flat (+0.25%) over the week, while the yellow metal weakened 1.9% to $1056.6 by the Friday close.

The stronger USD is repeated to be the reason for this apparent anomaly.  As the 'commodity currencies' are sliding relative to the USD, mining costs in those countries tend to decline, at least temporarily. A higher inflation will most likely erode this competitive advantage in the medium term.

Our benchmark ETF's show mixed results over the week: from a 0.48% loss for GDXJ over a 0.37% gain for GDX to +1.16% for GLDX and even +2% for SIL. With a 2.5% gain our contributor driven explorer & junior miner spreadsheet outperforms its peers (we were off worse last week). We have 11 advances on our list against only 3 declines, with three more picks flat over the week. MAG silver remains the only long term winner. PGM explorer IVN leads advances, posting a near 10% gain.

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Gwyde

Really appreciate your efforts and time you put in the spreadsheet of miners and track their performance. I'm sure others visit your forum but just haven't expressed as much. We are all in this together and the miners usually start moving first from a bottom low.

I am trying to figure out how you extract the data from the internet so I can put together a list of US mining stocks.

Thank you very much

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