I saw it, and then I read about it. Noted traders are saying that market manipulations in the form of some very large orders are blindsiding the markets left and right. There were huge metals moves up overnight last night, and they all got taken out early today, and closed higher by only small amounts. I’m not going to let them bother me. I reported how that the $USD was flirting with its 94 support level, and hope was that it would be taken out… but, it held, and rose to 94.60. That took the air out of the sails for now. And, then there’s the COT report of more than 200,000 longs in the gold futures contracts, which usually is a signal of too much bullishness.
So, what do the miner’s charts say? First, those that rose a bit on average volume: FSM, SA, AGI, KGC and CDE.
Others that gained slightly on big volume: PAAS, HL, EXK, AUY, NGD, AG, SLW, ABX, SLV and GLD.
And, then, a few that rose on light volume: SGDM, AU, GDX and RGLD.
A couple declined on average volume, as RIC and HMY did. And, HMY is getting sold, and not appearing here anymore.
Rising a bit on average, or even light volume, is a good thing. To rise a bit on huge volume is not. The number that did each is about even, and prices are still looking bullish.
The metals are off a bit tonite as I write, so a period of quietness may ensue, but this might open up opportunity to add some more.
Friday marks 2 weeks into this endeavor… the preliminary results have been gratifying so far. We’ve selected good issues, except for HMY.
Here’s to the accumulation of serious wealth!
Harold F Crowell