GOLD MINERS SECTOR ANALYSIS
VanEck Vectors Gold Miners [GDX] - Philadelphia Gold/Silver [XAU] - Agnico Eagle Mines Limited [AEM] - Barrick Gold Corporation [ABX] - Goldcorp Inc [GG] - Newmont Mining Corporation [NEM] - Anglogold Ashanti Ltd [AU]
The beginning of May set a new record – the US equity VanEck Vectors Gold Miners (GDX) ETF experienced the largest withdrawals equal to 778 million US$ dollars. That was record outflows from the biggest ETF that invests in gold-mining companies – see fig #1. The outflows coincided with the outcome of the first round of the French presidential election, in which Emmanuel Macron and Marine Le Pen received most of the votes. Moreover, Macron was seen as a clear favourite to defeat Le Pen in the second round of voting. This result was completely in line with expectations and public polls, so it reduced the safe-haven demand, including gold and silver. Thus making gold-mining sector less attractive. However, a contrarian point of view... read more in WaveTrack's report
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