The metals have been hanging in there. They’re looking for any excuse to rise further, and breakout above the $1,300 barrier. It may happen soon… may not. But, in any case, without breaking out yet, and rising modestly, I would expect to see more price rise on relatively average to lower volume. Going right to the charts, what do we have?
Well, we’ll first have to list those that rose today, even if not big in price, at least big in volume, like: AG, FSM, IAG, HL, RIC, AUY, AGI, SGDM, SLW,
Those with low volume behind their moves: CDE, NGD, PAAS, ABX, SA, GDX, RGLD, SLV and GLD.
Even got two down on big volume! EXK and KGC.
Got one with totally average volume: AU.
Of keen interest, are the number that had big volume, and those that also made new highs in price, ahead of the metals themselves! AG, FSM, especially IAG, as well as RIC. There’s anticipation out there. There’s a look for the precious metals to make another move up, perhaps thru $1,300 an oz. As I write, though, the price is off $2.00. More Thursday morning…
Gold’s down nearly $10 overnight. The reason would appear to be the belief that oil has risen and will stay above that line-in-the-sand figure of $45 a barrel. This would put off the worst of the debt-bomb issue I had written of elsewhere, if true. Let’s see if today will attempt to break the up-trend, as hope is being restored elsewhere, and would take money from the metals. It’s 8:15 am EST.
Here’s to your accumulation of real wealth!
Harold F Crowell