It’s Friday evening. We’ve a weekend to digest what’s happened. The metals moved, and they went up for the day. But, the miners closed down. Instead of my usual effort to guess what the charts might look like. I went to studying them first. The were all considerably higher in the day, then they sold off to close lower. A good many had moved up into new high territory, too. It was profit-taking, pure and simple. I would have expected considerably higher volume, too, but that was not the case. Volume was right around the 50-day average for many. Going through each specifically…
Those that closed down, and on rather typical volume: SSRI, AG, PVG, IAG, HL, CDE, KGC, AUY, GDX, PAAS, SLW, RGLD, SGDM and SA.
There were those that declined on truly big volume, like: AKG, FSM and RIC.
Then, oddly enough, one… ABX rose for the day, and did so on pretty big volume, though it, too, had been higher during the day.
And, like I opened, the two metals were up: SLV and GLD, and their volume was heavier for both, but not anything massive. So, we ask again, What happened? I would guess, by looking at the chart for $USD, that perhaps because the dollar rose today, that undermined confidence the metals could keep going. We’ll see, Sunday evening, how they trade overseas some 48 hours from now.
Sunday evening, 8:20 pm EST, and the metals are up. Gold’s up $4.70, and silver’s up $.04. I’ll look in again Monday morning.
Here’s to your accumulation of real wealth!
Harold F Crowell