I really would have thought it could have run further, but it did not. It was off to a good start, but it didn’t stay up, and gave some back; an intra-day reversal. That being said, I would expect to see in the charts losses everywhere, but not on any particularly large volume at all. So, let’s go to them and see if they say anything different…
The first I see one was up, and on big volume, too, that being RIC.
After that, they’re all going to be red, but what about the volume? Those that declined on big volume were: IAG, KGC, FSM, HL, CDE, AGI, ABX, AUY, AG, EXK, SLW and SLV.
Those to fall back on more average or lesser volume were: PAAS, SA, NGD, AU, SGDM, GDX, RGLD and GLD.
It’s a bit of a tough call. More fell on pretty big volume, and a number even created the Bearish Engulfing Pattern type of candlestick. This may be indicative of a short-term reversal that might require some price correction over a bit of time. I’ll watch for that, to see if it is an orderly correction that might signal an opportunity to add more shares.
But, as I ready this to post… I see gold is up some $3 as of about 9:45 pm EST. We’ll see what the morning will bring.
And, the morning brings higher gold, up $4.40 from yesterday, as of about 6:45 am EST, to $1,295.30. Perhaps we’ll be going further, as I had previously thought….
Here’s to the accumulation of real wealth!
Harold F Crowell