Metals moved little today, as did the mining shares. It’s been a sharp run-up, and it needs to pause, to either catch another breath, or perhaps to correct. But, if this is the new Bull Market in metals, it only serves as an opportunity to get aboard while prices are still cheap.
As for me, I think it’s a new bull, and I’ve added shares last week. They gained so quickly, this tells me it needs to take a breather before advancing further. So, how do they look? What are the charts saying are the best of the bunch?
Let me say right up front, that I see enough price charts that say today was a near-term topping day. Lots of intra-day reversals to the down-side, some bearish engulfing patterns, and some bearish dojis… looking at Japanese Candlesticks. No big deal. Just wait for them to back-up some, if they’re going to.
Those that managed to advance on big volume begins with my favorite: AUY, RIC, FSM, KGC, AG and SLW.
Those that advanced but on weak volume were: PAAS, AU, ABX, RGLD, HL, SGDM and CDE
And, those that reversed today, perhaps on big volume, and closed lower were: NGD, SA, HMY, AGI and EXK.
I have positions in all 18 of the above issues.
After only as few days, I have realized as large a gain as 16.3% in AUY, to as little as 2.2% in NGD. The average, though, has been 9.1% already! I have advocated most strongly for AUY, SA, SGDM and RGLD. They represent the best of the producing miners, with large reserves still in the ground, the best of the producing miners ETFs, and the best of the gold royalty firms.
Here’s to your acquisition of real wealth!
Harold F Crowell