Executive summary. During October 16–23, 2026, 139 of 147 tracked instruments declined (94.56%), only six rose and two were unchanged. Market breadth reached its second-lowest reading across 152 weekly observations, while signed volume balance became the third-most negative. The evidence indicates extensive market damage but does not confirm capitulation or a durable bottom.
1. Weekly performance: almost universal selling
Across 147 instruments, the median weekly return fell to −9.33% from −3.77% the prior week; the equal-weighted mean was −9.19%. A total of 122 instruments lost at least 5%, while 61 declined by 10% or more. The sample includes GDX, GDXJ, GLD and SLV as well as individual securities; it is therefore not a pure company-only universe. Rankings and results are descriptive and are not an investable portfolio.
Weekly return participation
139 down (94.56%) · 6 up (4.08%) · 2 unchanged (1.36%).
2. Market breadth: the second-lowest reading in the series
Only 20 of 146 instruments with valid moving-average observations remain above their 200-session MA, a breadth reading of 13.70%, down from 29.53% one week earlier. On a matched 145-instrument sample, breadth contracted from 54.48% four weeks earlier to 13.79%, a fall of 40.69 percentage points. The reading ranks second-lowest in the available 152-week history beginning in December 2023. This is evidence of highly concentrated weakness; a deeply oversold breadth reading is not an independent timing signal.
MA200 breadth: selected weekly observations
Aug 21: 80.41% above MA200
Oct 16: 29.53%
Oct 23: 13.70%
3. Drawdowns: the damage spreads across the sample
The median drawdown from the highest closing price in the prior 52 weeks deepened to −36.23%, from −29.77% one week earlier. Of 145 valid instruments, 93.10% stood more than 20% below their respective 52-week peaks, 72.41% more than 30% below, and 21.38% more than 50% below. One week earlier these readings were 75.68%, 49.32% and 15.54%, respectively. These threshold groups are cumulative, not additive. The median drawdown from the highest close in each instrument's available source history was −48.09%; the historical and 52-week measures have different reference periods.
4. Volume: severe directional weakness without a broad volume surge
Median relative volume was 0.77×, down from 0.82× one week earlier. Relative volume compares the latest five sessions with the preceding non-overlapping 60 sessions. Only three instruments exceeded 1.5× relative volume, and all three had falling five-session prices. The median 20-session signed volume balance declined from −14.00% to −26.87%; only 11 instruments retained a positive balance, compared with 41 one week earlier. The current volume-balance reading is the third-most negative of 152 weekly observations. These measurements describe activity on rising and declining sessions, not the identity or intentions of market participants. Subdued median relative volume does not substantiate a generalized high-volume capitulation.
5. Gold outperforms miners as the divergence widens
GLD lost 4.03% over the week, compared with GDX at −8.56%, GDXJ at −9.61% and the full research universe's median return of −9.33%. In the study's miner-versus-gold comparison, only 14 of 144 eligible securities (9.72%) outperformed GLD over one week; only 10 of 144 (6.94%) outperformed over four weeks. In contrast, 85 of 144 outperformed over three months, illustrating how abruptly recent relative leadership has deteriorated. Comparisons span currencies and security types and are not risk- or currency-adjusted.
6. Relative performance against the broad equity market
The S&P 500 fell approximately 0.47% during the observation week, substantially less than the research universe's −9.33% median decline. Only eight of 147 instruments (5.44%) outperformed the U.S. index over one week, and three did so over four weeks. This is a broad-market reference rather than a sector- or currency-matched benchmark.
7. Where relative resilience remains
Only six instruments posted positive weekly returns: Amman Mineral Internasional (+7.75%), AbraSilver Resources (+3.52%), LUNR Royalties (+1.30%), Sinda (+1.12%), Liberty Gold (+0.53%), and Chifeng Gold (+0.50%). Two others—Apex Mining and Asante Gold—were unchanged. Amman led the weekly list despite a −40.74% year-to-date return, illustrating why one strong week cannot establish structural leadership. Liberty Gold ranked fifth weekly and first in the provided global ranking, with a +126.51% year-to-date return; those rankings are reported as provided, without disclosing proprietary calculation methods. At the weak end, Turaco Gold (−21.12%), Ora Banda Mining (−21.00%) and Predictive Discovery (−19.18%) recorded particularly steep losses.
8. Historical perspective and interpretation
Among 152 weekly observations, MA200 breadth is the second-lowest, signed volume balance the third-most negative, median 52-week drawdown the fourth-most negative, and median weekly return the fifth-most negative. These are descriptive order statistics; overlapping weekly windows and serial dependence prevent treating the ranks as independent evidence of a statistically confirmed bottom. A stabilization scenario would require breadth to improve, signed volume balance to become less negative and fewer instruments to deepen their drawdowns. Continued weakness in those measures would instead signal additional near-term downside risk. Both possibilities remain open.
9. Methodology and limitations
Observation period: October 16–23, 2026. The tracked set comprises 147 securities and ETFs passing current data-validity checks; the preceding weekly analysis contained 150. Percentages are based on each metric's valid denominator, not automatically on all 147 records. MA200 breadth counts instruments above a 200-session moving average. Drawdowns use closing-price peaks; the 52-week and full-available-history windows must not be conflated. Relative volume uses a recent five-session period versus a preceding non-overlapping 60-session reference, while signed volume balance contrasts volume on up and down sessions over 20 sessions. Historical comparisons describe the tracked-universe observations since December 2023, not a survivorship-free historical constituent database. Instrument prices are in their respective listing currencies. Weekly and global ranks in the accompanying JSON are the original Weekly Analysis outputs, not investment recommendations. Read the public research methodology and the previous GDX–GDXJ analysis.
10. Complete GDX–GDXJ ranking — 147 instruments
Weekly rank, global rank, last close and returns over one week, four weeks, three months and year to date. Search by ticker or company and sort on either device.
Read our public methodology and limitations. Data through 23 October 2026. Independent research for information only.