The post-electoral optimism on American stock market seems having run its course. Over the week, market indices nevertheless hold on to modest gains.
Precious metals once more are a different story. We enjoyed a brief recovery till Tuesday, which however was smothered during the following days. On balance gold is down 1.65% to $1207.4. Silver sheds 4.72% to $16.55. The PGM's keep bifurcating with Platinum easing another 2.1% to $922 and Palladium going against the trend as usual, firming 7.75% over the week to $723, after posting a 12 m high earlier this week. The stronger greenback offsets lower precious metal prices, which supported miners. The HUI adds a modest 1.06% over the week, making HUI/Gold firm a little to 0.151, as you notice in the first graph on the gold miner pulse blog page.
Over the long haul, the HUI correlates very well with the gold price, with a linear regression which is highly predictive (and residuals which seem to have their own story to tell).
Our benchmark are a mixed bag, with timid advances for GDX (+0.6%) and GDXJ (+0.8%) and declines for GOEX (-2.46%) and SIL (-1.37%). With a 1.25% advance, our Contributor driven Explorer and Junior Miner spreadsheet is the best in class. Over the week we have 13 picks advancing against 6 declining. Yet since inclusion on the list, the proportions are exactly opposite. The blunt average long term loss stands at 14%, yet the weighed result post just above break-even.