NEW YORK (TheStreet) -- One of my investment themes for 2013 is that the gold bubble of 2011 has popped, and would not re-inflate this week. The eight gold mining stocks that I have been tracking set new multi-year lows on Monday, and one has been upgraded to buy from hold this morning.On March 5 I wrote, Multi-Year Lows Tarnish Gold Stocks where I mentioned that gold mining stocks were trading below their 200-week simple moving averages with Comex Gold futures still above its 200-week SMA. At that time gold had been above its 200-week since February 2002. That changed during the week of April 20 with gold falling below its 200-week SMA. Gold is now extremely oversold on its weekly chart profile. As gold moved lower gold stocks were gradually downgraded to hold. On March 5, two of the eight gold miners had strong buy ratings, three had buy ratings and three had hold ratings. The last of the buy ratings ended on June 4. These downgrades as share prices moved lower were warnings to avoid gold and gold mining stocks.
Barrick Gold ( ABX) ($16.57 vs. $28.65 on March 5) set a 52-week low at $15.71 on Monday. My monthly pivot is $16.81 with a weekly risky level at $19.95. Agnico Eagle ( AEM) ($26.14 vs. $39.19 on March 5) set a 52-week low at $25.41 on Monday. My quarterly pivot is $26.81 with a weekly risky level at $28.20. Anglogold ( AU) ($14.05 vs. $23.41 on March 5) set a 52-week low at $13.99 on Monday. My weekly pivot is $15.36 with a monthly risky level at $15.60. Gold Fields ( GFI) ($5.11 vs. $8.05 on March 5) set a 52-week high at $5.08 on Monday. My weekly value level is $4.88 with a monthly pivot at $5.94 and quarterly risky level at $7.59. Goldcorp ( GG) ($23.58 vs. $32.03 on March 5) set a 52-week low at $23.12 on Monday. My monthly value level is $22.99 with a weekly risky level at $25.80. IAMGold ( IAG) ($4.10 vs. $6.15 on March 5) set a 52-week low at $4.08 on Monday. My quarterly risky level is $4.90. Kinross Gold ( KGC) ($4.87 vs. $7.53 on March 5) set a 52-week low at $4.83 on Monday. My quarterly pivot is $5.52 with a weekly risky level at $5.72. This is the gold mining stock that has been upgraded to buy from hold this morning. Kinross was trading at $6.48 when it was downgraded to hold on June 4. At $4.87 the stock fell another 24.8% before being upgraded this morning. NEM) ($29.02 vs. $88.66 on May 8) set its 52-week low at $28.29 on Monday. My monthly value level is $27.14 with a weekly risky level at $31.06. At the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.