Today certainly served to underscore that assessment. Gold and silver closed up just a very small amount today, but the traders and investors in mining shares seemed to have taken that as a huge plus! I saw green almost all up and down my trading account, and the % of gain made by most of my miners handily exceeded the gain the metals themselves made. So, on the basis of what I see today, and taking into account how Friday went, my very best guess would be that the miners were up on at least average volume, if not, in many instances, better than average volume… Am I right? Let’s go see…
First are those that did rise on volume right around average levels, like: SSRI which made another new high, AG, AKG which also made a new high, AUY, CDE, IAG, HL, FSM, RIC, PVG, KGC, GDX, RGLD, SGDM, SLW, EXK, SA, SLV and GLD.
I’ve got a couple of losers, also only on about average volume, and the loss is very small, as with: PAAS and ABX.
The point simply being, my assumption was correct. While the metals rose a little, and on average volume, most of our miners also moved up, but more than the metals did, by and large… but on nothing more than relatively average volume also. The Bull case remains intact, and we await a further confirmatory move higher, if a new bull advance was begun with Friday’s big move… we can expect it to build and move further forward shortly. Hang on!
It’s Tuesday the 7th, and I have sold my shares of EXK, as it was the weakest acting in price action. I did take a 23% or so gain since their purchase, and I have taken the proceeds of that sale and added more SSRI, as that has been the very strongest acting stock of those I track. So the number of issues being tracked declines by 1, as of this date.
Here’s to your accumulation of some real wealth!
Harold F Crowell