So, you’d expect that with a $20 rise on Friday, your miners would have had a great day. And, with the yellow metal off almost half of Friday’s gain today, it wouldn’t have been so good… Right? Never you mind. Nothing is as it would seem!
In any case, I looked at my account, and despite gold’s decline, most of my miners had a good day. Okay. So, let’s go straight to the charts, and forget about correlation between the metal and the miners… unless it was an options expiration thing only.
We can see gainers on relatively average volume with: AKG, SSRI, PVG, CDE, AG, SLW and RGLD.
Gainers on BIG volume, as with: MUX, IAG and SGDM.
And, gainers on light volume, as with: FSM, HL, AUY and SLV.
Losers on light volume: RIC, ABX, KGC and GDX.
And, losers on average volume: PAAS and GLD.
The tale they tell, above anything else, is that which I mentioned before. Support is holding. It’s not even being threatened, and beyond that, the cup with a handle pattern is being worked out with a great many of them… and, in nearly every instance, it can be said that stock price consolidation is going on, which is typically a bullish development in anticipation of the next price run-up. I think it’s out there. Stay with your mining stocks, They’re in a Bull Market!
Here’s to your accumulation of real wealth!
Harold F Crowell