Gold Miner Stocks Continue to Outglitter Gold Itself

New York (Aug 11)  Comex gold is up a solid 27.5% for the year to date, but gold mining stocks and the exchange-traded fund that tracks the sector are outperforming the precious metal.

The VanEck Vectors Gold Miners ETF  (GDX) is up 128.1% year to date and set an all-time high on Wednesday.

Barrick Gold  (ABX) is the largest component of the ETF at a weighting of 10.52% and has a gain of 195% year to date.

Yamana Gold  (AUY) is a component of the gold ETF with a weighting of just 2.43%. This stock as a gain of 208.1% year to date. The stock was an "option on survival" when it traded as low as $1.38 on Jan. 19. Remember that any stock trading between $1 and $3 a share is considered at "option on survival."

Goldcorp  (GG) is the third-largest component of the gold ETF with a weighting of 6.46% and has a gain of 64% year to date.

Newmont Mining  (NEM) is the second-largest component of the gold ETF with a weighting of 9.97% and this stock has a gain of 153.3% year to date and set its 2016 high of $46.02 on Wednesday.

The weekly chart for gold is positive with the precious metal above its key weekly moving average of $1,329.6. Gold has been above its 200-week simple moving average since the week of June 24 when this average was $1,310.6. Today this average is down to $1,296.1. Weekly momentum is projected to rise to 79.93 this week up from 77.35 on August 5.

Source: TheStreet