Well, we got precisely what we were expecting, asking and looking for! Each day, as I would look at the charts… price was holding at support, and not breaking down. The mining shares were doing the same, and volume each day was saying that there was no fear, only expectation and anticipation. And, today, all that paid off in a very big way!
Besides there being all green… the % of the rise in each issue was large. The metals price move commenced before the market’s open. So, you know what to look for… a price gap up, and big volume as well. Plus, prices appeared to keep rising all day, and the mining shares did the same; nearly all closing at, or very close to their day’s high… some at new highs! So, I chart every issue…
I open with those that lifted on BIG volume, like: AKG which closed at a new high, then AG, SSRI which also closed at a new high, CDE, IAG, HL, PVG, FSM, AUY, RIC, KGC, ABX, PAAS, GDX, SGDM, RGLD, SLW, EXK, SA and GLD.
One, only the ETF for silver, SLV… it rose well today, but the volume wasn’t even quite the average, unlike all the others, which lifted on high volume. That bears some scrutiny, as I would have also expected big volume here, too.
Today was a very positive development. As I had been recently writing, you could have been a buyer at the support level, with tight stops under your purchases… or, you could have been a buyer during the day, today, while the prices were advancing strongly on big volume… But, the next time to buy will be as these might continue to breakout into new highs. Since AKG and SSRI did so today, it will be necessary to see if they attract more buyer attention, or perhaps sellers step up to take a profit, as this too, may signal the future direction of the metals and miners.
It was a good day!
Here’s to your accumulation of real wealth!
Harold F Crowell