I can’t believe it! The Fed-speak concerning more interest rate hikes. Those idiots! The dollar would get so strong that it would put us in a recession. So, in any case, that really put about a $21 smackdown on gold, and $.35 off of silver.

I’m going to see lots of red, considerable down-side price movement, and probably some really big volume. I don’t know yet if price support held… so, to the charts we go!

First, I do see big price declines, and on big volume… but, the volume is not really huge, and the price support has held, as with: AG, CDE, KGC, SA, SGDM and SLW.

I’ve got others, where the volume IS huge, but the price support is still in place, and unbroken: RIC, AUY, FSM, EXK, PVG, AGI, HL, IAG, PAAS, ABX, NGD, GDX, SLV and GLD.

Okay, so, plain and simple. It was a lot of volume. Most was massive, others only more than average, but not huge. The price decline was not inconsiderable, and technical price support held, but in many instances… it closed there, and we need to see a ‘deliverance’ almost immediately to turn this situation around and save it from incurring painful technical price damage. It’s off a bit more, $2.00, as I type this evening about 9:45 pm EST. Let’s see what Thursday morning will bring… darned Fed!

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So, yeh, they raised the $USD with their talk, and smashed metals, and moved all kinds of markets all kinds of ways… those fools. The metals are as follows… Gold is off almost $5 more, and silver is taking hard, being off another $.28. This could result in broken price support today, which would precipitate further share price decline. Let’s see what Thursday holds.

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One stock I recommends is Pretium Resources (PVG), and I just found this quote from a noted analyst.
“Simply put, this is one of the richest gold mines in the world in the making, with the potential to be a blockbuster. It’s no exaggeration to say that one can count deposits in this class on one hand – and this one may deserve to be the first finger. Altogether, there are 13.6 million ounces of gold in all categories, averaging 15.59 grams (0.55 ounces) of gold per ton of rock. It’s one for the record books.” Get some Pretium while prices are down.
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Just a head’s up… gold’s off more than $10, and silver’s down $.43. The open will not be pretty, as price support is almost certainly broken, as will mining share prices right from the open… all of which will likely precipitate still more selling initially. You have been warned. That darned FED!!!

Here’s to your accumulation of real wealth!
Harold F Crowell

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