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Gold is ending 2022 flat, but miners slide

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Eventually Gold is ending 2022 nearly flat (-0.3%) but miners still give way. The HUI gold miners index of US quoted unhedged miners is losing 11.25% over 2022.

Leverage to gold has always been the tantalizing proposition of mining sell side analysts. The smoke screen once more failed to deliver. Nevertheless, there has been one favorable exit time-frame: March to April 2022. 

The below graph provides the HUI to Gold ratio for the full year 2022 together with its 50 dma and 200 dma. With gold flat, the ratio should at best also hold up. It doesn’t, but we are now off the triple lows put down from September to early November.

The HUI/Gold ratio keeps in the narrowing wedge between its rising 50 dma and still sliding 200 dma.

Gold miners index (HUI) relative to Gold. Daily observations over 2022 (click to enlarge)

Best wishes for the new year.

More detailed analysis will follow early 2023. 


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