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Recovery rally doesn't cure the disease

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Mid August, the HUI miner index plunged to 139: beneath both the Dec 12, 2017 bottom (175) and the Dec 15, 2016 bottom at 163.5. After Friday’s rally HUI now posts at 146.8, which still is well below said bottoms. The recovery rally merely alleviates the pain but it doesn’t cure the disease.

HUI/Gold plunged to 1.21, up only little as gold regains $1200. The gold-miner-pulse page shows detailed graphs over a 6 months stretch. As an illustration, you find the HUI/Gold graph beneath:

Unhedged Gold Miners index HUI relative to gold bullion (spot market). Daily observations over 6 months - click to enlarge

The miner performance page draws a grim picture on individual miner performance in 6 graphs. Only 11 explorers or miners stay out of the red over the long haul, while equally 11 explorers or miners are down over 95% since the GMP list was initiated in autumn 2010.

Meanwhile the contributor driven explorer and junior miner portfolio still is updated weekly. Since a couple of weeks the long term result is in the red, though the loss now mitigated to 2.12%. Poor comfort we did less bad than our benchmark ETF’s over the past few weeks.

Last week the list advanced 4.19%, which is almost entirely due to the Friday rally. Weekly advances (12) outnumber declines (4). We owe much of the decent advance to the 21% recovery of Ivanhoe Mines.


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