A quick look at my account with all my mining shares shows all green. Something good had to have happened, and the support level I was noting must have held. Therefore, I would expect metals were up, or flat, and that these miners might have gone up on a little extra volume, possibly. Not having looked yet, I’ll go there now, and say that I am somewhat surprised, as I actually expected it might turn ugly just about here.
I see those that bounced off of obvious support, and rose on some extra volume just as: AG, CDE, HL, FSM, RIC, IAG, PAAS, ABX, RGLD, GDX and AGI did.
And, those that rose, but on lesser volume, like: AUY, PVG, EXK, KGC, SLW, SA and SLV did.
I’ve got a loser on big volume in: SGDM.
Gold actually declined in price, but GLD did not fall on anything more than average volume.
NGD has been jettisoned. It was obviously a wrong selection to begin with. I’ll name a replacement or two very soon.
The very clear result of these charts suggests, that even as gold declined in price for the day a little bit… that the miners all rose, and on a bit of expanding volume, makes the Bullish case for the metals and their miners again today. Support held today, in spite of falling gold. This is a tremendously huge positive. Let’s see what will happen next, on Thursday.
Hmmmm, gold’s up some this morning. Will all the bullishness I’ve seen in the charts be vindicated? It will either have to be vindicated soon, or it will fail, break support, and fall back a good bit, I would think.
Here’s to your accumulation of real wealth!
Harold F Crowell