I was away for a monthly investors’ meeting and unable to write.
Gold took a hit yesterday. Most of my miners closed in the red. So, what we want to ask and answer is… did gold’s price break support? Did the miners break support? Did volume increase a lot, if they did? Then, I go to the charts to see if they will ‘talk’ to me. I would think that maybe things are getting to a critical juncture.
First off, I have issues that rose, and on expanding volume, too! What’s this? See AG, CDE, RIC, PAAS!
Then, those that closed down, and on pretty large volume… but I note the price decline was slight: IAG, HL, FSM, AUY,
I’ve got a low-volume riser in: EXK.
And low-volume fallers in: NGD, AGI, KGC, SA, ABX, SGDM, AU, GDX, RGLD, SLW.
Then, see how SLV declined a goodly amount, but on average volume, and its price support held… and, though GLD also declined, it did so on low volume, and its price support is still intact!
The charts say, we believe this is slight and temporary… the bull case is still fully in force! When you have risers… on big volume, and to new highs… on a day the metals declined… like AG, RIC and PAAS did, you’ve got a good thing going.
Gold’s up a couple of dollars this morning… there would appear to be nothing to fear, and, in fact, where we are so close to price support, if you wanted to accumulate some more shares, this might not be a bad place to try to do so at all. The better opportunity, however, would likely be just on the other side of an actual breakout, which we may experience soon.
Here’s to your accumulation of real wealth!
Harold F Crowell