Gold Miners Positioned For Upswing: Keep An Eye On This Leading Economic Indicator
Portfolio Pulse from Piero Cingari
The gold-to-copper ratio, a key economic indicator, has crossed a crucial threshold, signaling positive prospects for metals and mining. The price of gold has risen by 6% since October 7 due to the conflict in the Middle East. Gold miners have outperformed other industries in October, with the VanEck Gold Miners ETF (GDX) and the VanEck Junior Gold Miners ETF (GDXJ) seeing gains of 9.5% and 7.5% respectively. Gold Fields Limited (GFI) and Harmony Gold Mining Company Ltd (HMY) have been the top performers in these ETFs.
October 18, 2023 | 8:24 pm
News sentiment analysis
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POSITIVE IMPACT
The VanEck Gold Miners ETF (GDX) has seen impressive gains of 9.5% in October.
The positive prospects for metals and mining, along with the rise in gold prices, have led to impressive gains for GDX in October.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The VanEck Junior Gold Miners ETF (GDXJ) has seen gains of 7.5% in October.
The positive prospects for metals and mining, along with the rise in gold prices, have led to gains for GDXJ in October.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Gold Fields Limited (GFI) has emerged as the best-performing stock in the GDX in October, up 31%.
The rise in gold prices and the positive prospects for metals and mining have led to a significant increase in GFI's stock price in October.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Harmony Gold Mining Company Ltd (HMY) has been the top performer among junior gold miners, up 29% this month.
The rise in gold prices and the positive prospects for metals and mining have led to a significant increase in HMY's stock price in October.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The SPDR Oil & Gas Exploration & Production ETF (XOP) has posted a 3.3% increase in October.
The increase in oil prices due to rising geopolitical and supply risks in the Middle East has led to a moderate increase in XOP's value in October.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50