The metals hung in there Friday, as did their mining shares. We saw silver close up… just a little bit. And, we saw gold close down… just a little bit. But, the miners, they mostly closed to the upside, which tells me there is still a lot of bullish anticipation out there. I’ll look at each chart for any ‘message’ they might contain.
We first see some that closed off a bit on typical volume, like: AG, NGD and GLD.
And, that rare decliner that fell on low volume, like: AUY and SA.
I’ve got two that declined on large volume: IAG and PAAS,
Since most rose, what was their volume like? I see those that rose on low volume, as: CDE, PVG, HL, KGC, ABX, SGDM, GDX, SLW, RGLD and SLV.
But others made their up move on big volume, like: RIC, AGI, FSM and EXK.
Can anything be derived from this? Since the majority, by far, rose in price, on either low or in 4 instances, big volume: We have to believe that considerable bullish conviction still exists. Silver, SLV, rose on light volume, and gold, GLD declined on average volume. I think I see conviction among traders and investors in this sector.
I may soon sell NGD, as it is weakest of my mining shares, and I have other strong prospects in the likes of SSRI and MVG. I’ll give some more consideration first, make my decision, then let you know.
Dollar is rising, and metals are falling… gold, only a little bit, but silver a considerable bit more. This, as of 6:30 am EST. It may be a down day in the metals.
Here’s to your accumulation of real wealth!
Harold F Crowell