Metals took quite a spill, but recovered a bit. Silver was really taken down. I fully expected the miners had been whacked again today, but was most unexpectedly surprised to see nearly all of them were actually up a bit. So, as I ask myself, ‘What would I expect to see?‘ I don’t really know. With gold off a bit, and silver a lot… but, the miners mostly up. What would the volume picture be like? Let’s take a look:
I have issues up a decent amount, and on considerable volume too, like: AG, RIC, AUY, FSM, AGI, KGC, ABX,
Others rose, but not on any extraordinary volume, like: CDE, PVG, HL, IAG, PAAS, SA, NGD, SGDM, GDX, SLW, RGLD,
I’ve one that dropped a good bit, and on large volume… but, it stopped right at its most obvious level of price support: The silver miner, EXK.
Here’s what’s fascinating me… SLV, the ETF for physical silver, declined a good deal, and right to a place of very obvious price support, and bounced, but closed considerably lower in price on the day, but the silver miners did NOT, except for EXK. They closed higher on the day, for a gain! GLD also closed lower, but none of the gold mining stocks did!
This is hard to accept. I can hardly believe it, but despite the price moves in the actual metals today, the miners did remarkably, even surprisingly, well! I would have to say that the actual chart action of everything I’m looking at can only be viewed as incredibly bullish on the part of those who are behind this current price action. They’re hanging in there very optimistically.
That’s good! If it can relaunch from out of such levels, and you haven’t acquired yours yet, or are wanting to add some more… this may prove to be a very great opportunity. Friday’s jobless claims report in the morning could be a real market mover, in my estimation. If it’s a bad one, like last week’s was, the fear that has arisen concerning another Fed rate hike could quickly dissipate, and the markets would rally in relief. Let’s see what Friday holds.
Friday morning, 6:40 am EST and the metals have a small upside bias to their prices this morning.That can’t be a bad thing. I’m thinking our 8:30 jobs report might be important soon. I’ll get back, if there is reason…
Here’s to your accumulation of real wealth!
Harold F Crowell