The metals lost a bit more today… however, the miners rose! That’s a very serious positive.
I wouldn’t have expected them to rise, and I sure wouldn’t think the volume would be big… so, let’s go to the charts, and see what they are looking like after Thursday close.
First up, those that rose on volume that was around their average, like: EXK, CDE, KGC, FSM, AUY, PAAS, NGD, RGLD and GDX.
Then, let’s note those that also rose in price, but on low volume, like: AG, RIC, AGI, AU, ABX, SA, SLW and SLV.
I even find those that moved up on big volume, like: HL, IAG and SGDM.
And, the fact that gold actually went lower, GLD had to as well, but it was meaningful that it was on low volume.
So, that gold declined, but the miners rose, and most on low or only around their average volume, is a big plus. It means that we have established their prices lows of yesterday to be goodly price support, and that if that holds, and we meander, or base for a bit, there’s a good chance they might move upward again. In the very earliest stages of a new bull, as this almost certainly is, buying on dips is the usual price action, and it looks to be giving us just that appearance here, so far.
I started this on Friday, April the 8th… the very day the miners were breaking out on volume in a new rally off the last meaningful base of support. It was a good time to get on board!
Friday morning, about 7:30 am EST, and gold’s up a bit, and silver is off $.02… all very little changed. The markets seem to be most concerned for the latest jobs numbers due out in 1 hour.
Here’s to your accumulation of real wealth!
Harold F Crowell