- Miners followed gold
Most mining companies reversed their 2015 losses during the first few months of 2016, posting substantial gains. The correlation between mining stocks and gold remains high. Most miners surged following the gains in gold. Friday was important. Gold rose to a two-year high due to additional haven bids on the Brexit referendum. Almost all mining stocks rose on Friday.
First Majestic Silver (AG), Agnico-Eagle Mines (AEM), Yamana Gold (AUY), and Coeur Mining (CDE) have risen about 300%, 97.9%, 174.2%, and 301.2%, respectively, on a YTD (year-to-date) basis.