Only got into these a week and a half ago… wasn’t a minute too soon, that’s for sure!
If the correction ended, before I even chart them this evening, there should be a lot of big moves, on a lot of big volume… so, let’s see.
Yup! Those that rose on big volume, and perhaps to new highs, as well: FSM, HL, PAAS, AUY, EXK, AG, NGD, AGI, RIC, CDE, SLW, GDX and GLD.
Others that rose on light volume: SA, KGC, RGLD, AU, SGDM, ABX and HMY.
As one could expect, if a correction ends, most will rise a good bit, on big volume, and that is just what happened. Of the above 20 issues, besides many rising on big volume, 15 of them attained unto new highs, too! That certainly confirms a breakout from a brief correction, and is wildly bullish action. You might think you’re too late… it’s still early. Very few are on to this newly emerging bull market in the metals, and as other assets, particularly stocks, should falter, as they must, there might be all new interest brought to bear on the precious metals.
I’m going to add SLV alongside GLD, as the two metals are not moving entirely in tandem with complete correlation. Also, I will be removing HMY, as it is just not catching fire, and I must have misidentifed it as one of the ‘good ones’ when I first dug these out.
If what I see with gold as of 9:30 pm EST holds up overnight, we’re going to get more stock price rise in our favorite miners again tomorrow!
Here’s to our accumulation of real wealth!
Harold F Crowell