According to Kitco, gold had a nice day… up $9.50 over Thursday as of almost 4:30 pm EST. That means price support held, and the ‘optimism’ that I saw in the action of the mining shares each day would appear to have been vindicated… so far. With that picture in mind, I would actually expect to see our miners to have had a good day, and on at least average volume, if not better. I will now go to them and take a look…
First, I see those that indeed did rise well, and on big volume, like: CDE, RIC and HL.
And, I have those that also declined, but on lighter volume, like: AG, IAG, PAAS, EXK, NGD and AGI.
Gainers on low volume: AUY, KGC, ABX, SA, SGDM, AU, GDX, RGLD, SLW, SLV and GLD.
Even a decliner on bigger volume, as: FSM.
The metals rose, but their ETFs, SLV and GLD did so on low volume. The charts for each of the miners are all over the place with some up, and some down, some on big volume, and some on low volume. The message is likely one of relief that it did not fail or collapse, but with no real conviction that all is well, or rather, that the metals prices are going to take off any time in the immediate and foreseeable future. Let’s be patient.
Looking at the $USD, and how it has risen in value in relation to other currencies in the past week and a half, it is actually amazing that precious metals have held up as well as they have… this is a very bullish argument for gold and silver. Add to that point, CDE, RIC and HL all closed at new highs!
Monday morning, about 7:00 am EST, and gold’s up $9.60 as I type… could be a real good day!
Here’s to your accumulation of real wealth!
Harold F Crowell