I see that the metals had a very good day. If it is was a really good day, the miners will have broken out to the upside on volume. So, lets’ go to the charts to see what they are going to say. If it was the kind of day for the metals that I think it was, then I would expect to see our miners to have risen well, on expanding volume…
Those that did in fact rise well on expanding volume were: KGC, FSM, HL, PAAS, AGI, AG, IAG, RIC, CDE, EXK, SA, SGDM, SLW, GDX, RGLD, SLV and GLD.
Others that rose, but on tepid volume were: AUY, ABX and AU.
We even have a decliner on fairly big volume: NGD.
Those making new price highs were: KGC, FSM, HL, PAAS, AGI, AG, IAG, AUY, CDE, EXK, ABX, SGDM, SLW, GDX, RGLD and SLV. That’s 16 of the 21 issues I am tracking!
Since the vast majority of issues did rise on expanding volume and a goodly number attained unto new price highs, we have a confirmation that this may well be the start of another leg up in price for the metals and their mining shares. Let’s see if tomorrow should bring us more of the same. Oftentimes, a new breakout in price will bring in new buyers. As early as we actually are in this new precious metals Bull Market, that is what I would think we could expect to see next… more Friday morning.
Gold’s up another $9.60 overnight, as of about 8:00 am EST… if it’s breaking out, look for our miners to commence to scream on big volume! It is buyable, if you haven’t gotten yours yet! Just calculated our average gain since getting in Friday, April 8th… an average of 25.38% per holding in 3 weeks time!!!
Here’s to the accumulation of real wealth!
Harold F Crowell