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Usually, precious metals mining companies follow precious metals. Precious metals seem to be in doldrums lately over the strength in the US dollar and the Federal Reserve’s decision to raise interest rates. The recent slump in demand for haven assets has also affected mining stocks.
Usually, precious metal mining companies follow precious metals. Precious metals have risen over the past few days, supporting mining companies.
Usually, precious metal mining companies follow precious metals for price direction. All four precious metals except palladium saw a down day on Friday, April 20. That led to a fall in most miners’ prices.
The recent unrest in the markets has had a significant effect on precious metals and mining companies. The US dollar has a prominent role in influencing dollar-denominated precious metals and mining stocks.
Recent market unrest has had a significant effect on precious metals and the US dollar, which influences dollar-denominated precious metals and mining stocks. In this part of the series, we’ll look at miners’ RSI (relative strength index) scores and implied volatility. The miners we’ve selected for our analysis are Wheaton Precious Metals (SLW), Randgold Resources (GOLD), AngloGold Ashanti (AU), and IAMGOLD (IAG). In the last 30 days, miners’ performance has been mixed. GOLD and AU have fallen 2.5% and 0.11%, respectively, while SLW and IAG have risen 6.8% and 13.2%.
Gold rose again on April 16, 2018, but it was a marginal increase compared to the previous trading session. Spot gold rose 0.03%, while futures for April expiration increased 0.2% and closed at $1,347.50 per ounce. Palladium joined gold and rose 2.3%, ending the day at $1,004.80 per ounce and surpassing the $1,000 mark again. Palladium has had gains of almost 7.6% over the past five trading days.
Recently, the unrest in the markets has had a significant effect on precious metals and the US dollar. The US dollar has a prominent role in influencing dollar-denominated precious metals and mining stocks.
Usually, precious metal mining companies are closely related to movements in precious metals. Gold, platinum, and palladium had a down-day on Thursday, April 5, whereas silver had an up-day. Most mining companies followed the trend in silver, while a few turned downward.
Precious metals including gold, silver, and platinum witnessed an up-day in their spot markets on Monday. Gold (GLD) was up 0.5% and closed at $1,339.6 per ounce. Palladium is regarded as an industrial asset, so the overall market slump likely took it lower.