THIS was a good day! The metals rose well, maybe a new breakout… we’ll see. If they did, and the shares did real well, too… we will want to see that they broke out on VOLUME! So, let’s go the charts…
Those that did indeed breakout on big volume are the following: AGI, FSM, KGC, AUY, IAG, PAAS, RIC, HL, ABX, AG, CDE, AU, EXK, SGDM, SLW, GDX, RGLD, SLV and GLD.
Others rose, but on low or average volume, like: NGD and SA.
Those that closed at a new high were: AGI, FSM, KGC, AUY, IAG, PAAS, RIC, HL, ABX, AG, CDE, AU, NGD, EXK, SGDM, SLW, GDX, RGLD, SLV and GLD… or, all but 1 of them; SA.
Since this run is just getting off into new highs, and on big volume, it may have legs to run quite a ways yet. We have no way of knowing, of course, but since the $USD is breaking down into new low territory, under the 94 level, this is what is kicking off this new run in the metals. We’re aboard, and going for this ride for as far as it will take us.
There’s reason to believe this is both a new Bull Market in precious metals, and despite the progress it has made already, it is believed that it is still quite young, and that there is a lot more money to flow this way yet, and push prices higher.
As I recheck yesterday’s price action, gold rose $26 an oz, and silver $.29. That’s pretty big, but the $USD took a pretty big spill!
IF you haven’t bought yet… There’s still time, this ship appears to be pulling away from the dock! Gold is up another $7.90 to $1,300, as I type at about 6:30 am EST. If this holds, or rises more today, there’s going to be a rush into shares. I’d likely make this a ‘Last Call’ for now, until prices were to settle back some!
Here’s to the accumulation of real wealth!
Harold F Crowell