Wednesday, and metals’ prices went pretty much nowhere. They were off a bit, but the mining shares were split rather evenly between those that rose, and those that fell. This is not likely to be a bad thing. My guess is going to be that volume was muted, just as the prices were. In order to continue to confirm a Bull Market thesis, prices have to hold support, and do so on not extra-ordinary volume. So, to the charts we go!
I’ve got those that rose on light volume with: AKG, SSRI, IAG, PAAS, AUY, ABX, RGLD, KGC, GDX, SGD and SA.
And, I’ve got decliners on light volume, like: AG, RIC, FSM, PVG, SLW, SLV, GLD and EXK.
I see others that declined, but on average volume, like: CDE and HL.
The charts say, once again… we are not worried. The new bull market in precious metals is holding up. The mining shares have fallen back, in a corrective manner to a level of solid support, and, so far, that support is holding just fine. For those not afraid to take risk, you can be a buyer right here, and put tight stops in place. For others, just wait… as prices might commence to rise, on expanding volume, in the mining shares and the metals… I’ll shout it out, and you can jump aboard at that time. For the most risk averse… wait for the next breakout on volume. This is NOT rocket science! I’ve never seen easier price charts to read… I should have been doing this my entire investing career!!!
This morning, before the open, we have spot prices up slightly… so, all continues to look well at this time. Support is holding, and some catalyst for the next lift-off is being awaited. Will it be the Friday unemployment jobs claim report?
Here’s to the your accumulation of real wealth!
Harold F Crowell